What Happened
SK Hynix, the South Korean memory chip maker and key supplier to Nvidia, is on the verge of becoming only the second Korean company ever to reach a $1 trillion market capitalisation. The stock has surged sharply in recent sessions, driven by explosive demand for High Bandwidth Memory (HBM) chips used in AI hardware. This milestone underscores the ongoing AI-driven boom that continues to lift global semiconductor stocks.
Key Levels — Nasdaq & Nvidia (Most Relevant for Aussie Traders)
Since SK Hynix is not ASX-listed, the most direct read-through is via Nvidia (NVDA) and the Nasdaq Composite.
- Nvidia support levels: $106 (near-term), $98 (stronger floor/200-day moving average zone)
- Nvidia resistance levels: $135 (recent swing high), $140 (psychological round number)
- Nasdaq support: 17,800, 17,200
- Nasdaq resistance: 19,500, 20,000
Technical Picture
Nvidia remains in a longer-term uptrend but has pulled back from its all-time highs near $153. The stock is currently trading around $116–$120, sitting above its 50-day moving average (~$110), which is a constructive sign. RSI has cooled from overbought territory (above 70) to a more neutral 55–58 range, suggesting room to move higher without being stretched. The Nasdaq is in a similar position — consolidating after a strong first-half rally.
What Traders Are Watching
For Nvidia, a clean break above $135 would signal renewed momentum and likely trigger buying from momentum traders. A drop below $106 would raise concerns about a deeper pullback toward the $98 support zone. On the ASX, tech-adjacent plays like Macquarie Group (MQG) — which has exposure to global tech investment themes — and broad index moves in the ASX 200 around the 8,000–8,050 support zone are worth monitoring if Nasdaq sentiment shifts.
Bias — Bullish
Bullish. The SK Hynix milestone is a sentiment-positive signal for the entire AI chip supply chain. As long as HBM demand remains strong and Nvidia holds above $106, the bias for global tech stocks — and by extension risk appetite on the ASX — stays tilted to the upside.
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