TSMC posted a second-quarter report that came in well above expectations, with net profit up 77.4% year over year and higher full-year revenue and capital spending guidance. The stock still fell, reviving the familiar “buy the rumor, sell the news” trade and dragging the broader semiconductor complex lower. The Philadelphia Semiconductor Index dropped 4.29% on the day and is now down more than 22% from its mid-June peak, putting it in a technical bear market. The sell-off spread across large-cap tech. The Nasdaq 100 fell 1.62% and was down as much as 2% intraday. Alphabet slid 4.44%, touching a 5% intraday loss, after reports that the release of its flagship Gemini model could be delayed. At the same time, Chinese stocks listed in the US outperformed, with the Nasdaq Golden Dragon China Index rising 1.79%. Elsewhere, spot gold fell 2.08% to $3,975.93 an ounce, dropping below the $4,000 mark, while Bitcoin retreated to around $64,200. The report also tied pressure on both gold and Bitcoin to a firmer US dollar, supported by resilient retail sales and labor data as well as safe-haven demand linked to geopolitical tension.

Data tracked by Hyperinsight on July 15 showed a wide pricing gap between the two Hynix-linked instruments trading on Hyperliquid. The U.S. listing proxy, SKHY, was quoted at $181.58, while the Korean listing proxy, SKHX, was at $1,358.50. Based on the conversion of one SKHY ADS to 0.1 share of the Korean common stock, the implied on-chain ADR premium stood at about 33.7%. Trading activity was heavy. Over the past 24 hours, SKHY recorded about $450 million in volume and roughly $121 million in open interest, while SKHX posted around $1.213 billion in volume and about $425 million in open interest. Combined, the two instruments saw approximately $1.663 billion in turnover and $546 million in outstanding positions. Hyperinsight also compared the setup with Taiwan Semiconductor Manufacturing Co. According to the figures cited, TSMC’s current ADR premium works out to about 10.8%, making the Hynix premium roughly 3.1 times higher. Positioning around the spread has split into two camps: five addresses betting on convergence held about $32.4 million and were down around $1.117 million, while one address betting on further widening held about $9.719 million and was up about $127,000. Funding rates also favored the widening trade, leaving convergence traders paying on both legs.

SK Hynix’s newly listed American depositary receipts have surged far beyond their South Korea-listed common shares, with the premium widening to 51% after only three trading days. On Tuesday alone, the ADR jumped 27%, a sharp move from the roughly 3% gap seen at issuance, when the company raised $26.5 billion through the ADR sale. Options trading in the U.S. has also started, and short-dated call options have become the busiest part of the market, adding to the momentum. The premium has persisted because the mechanism that would normally connect the two markets is not yet available. Korea Securities Depository said the local new shares tied to the ADR issuance are expected to list on July 29, and applications to convert between local shares and ADRs can only be submitted after that date. Even after the channel opens, conversion rules remain uneven: ADRs can be canceled into local shares without a quantity cap, while local shares can be turned into ADRs only within the issuer’s issuance ceiling. Retail investors also cannot complete the process through MTS or HTS, leaving the trade largely out of reach for individuals.

SK Hynix is bringing its American depositary receipts to Nasdaq in what is described as the largest U.S. equity issuance by a foreign company on record, and the deal is being watched for more than its $26.5 billion size. The ADR was priced at $149, about 3.1% above the company’s Thursday close in Seoul, with pre-launch trading set to begin Friday under the symbol SKHYV and a formal listing under SKHY on July 13. The central question is how much of a premium U.S. investors will attach to the stock relative to its Korean shares. Estimates cited in the market range from 5%-10% to above 30%, turning the listing into a live test of how Wall Street values AI memory exposure, especially in high-bandwidth memory, or HBM. SK Hynix said in SEC filings that it holds a 56.4% share of the HBM market, a segment tied closely to Nvidia’s AI chip ecosystem. Analysts and investors are also focused on whether arbitrage will be harder than in older ADR names such as TSMC because of SK Hynix’s share volatility and the asymmetry in its conversion mechanism. The company’s fundraising is also tied to a broader AI capital spending push, including an advanced chip packaging facility in West Lafayette, Indiana, supported by $458 million under the CHIPS and Science Act.