Equities in Asia are boosted by the chip sector through positive earnings from Micron and SK Hynix’s announcement it plans a $30bn listing on the Nasdaq. Brent dips to levels last seen before the conflict in the Gulf as the Strait of Hormuz reopens. Futures indicate the world may soon be facing an oil glut. UK Prime Minister in waiting Andy Burnham is reportedly planning an overhaul of No.10 and the Treasury as part of his economic reform agenda. He is also seeking to overhaul the Bank of England’s mandate to push more demand on growth.<br>See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Chip stocks feed Asia rally

Squawk Box Europe Express

# Full Transcript

**Podcast:** Squawk Box Europe Express

## Participants

- **Karen Cho** (CNBC International)
- **Steve Sedgwick** (CNBC International)
- **Charlotte** (CNBC)

## Transcript

The CNBC app, global market news in one place. Customizable sections and personalized alerts, stocks tracking, interactive charts and market insights all in your hands. Stay connected, stay informed. Download the CNBC app today. Hello and welcome to Squawk Box Europe. I'm Karen Cho with Steve Sedgwick. These are your headlines. Investors ride the chip rally with

equity markets in Asia and on Wall Street boosted by Blockbuster earnings out of Micron and SK Hynix's plans to raise almost $30 billion through a Nasdaq listing. Brent prices fall to levels last seen before the Iran war as oil begins to flow, whilst futures contracts show the global economy may be facing an oversupply. How extraordinary

in the short term. And UK Prime Minister hopeful, I think, yeah, I mean, it's yet to be coronated, but yes, indeed, hopeful. Andy Burnham is reportedly planning a major overhaul of number 10 and the Treasury as part of his economic agenda, whilst also seeking to reform the Bank of England's mandate

to place a greater emphasis on growth. Let's take a look at chips again, because it was certainly a bumpy ride yesterday. And now shares in SK Hynix surged following the

company's announcement that is looking to raise up to nearly $30 billion in a listing on the Nasdaq. The chipmaker said the move would allow, quote, its true corporate value to be properly evaluated. Trading is set to begin on the 10th of July, although the company warned that the timetable could still change. Well, it doesn't matter. I mean, there's already so many links between South Korea and also the United States. So bring another chip name across to the US markets. What does it mean for those investors? Feels like they're already part of that ecosystem.

Now, Micron shares are surging in extended trade. The memory chip delivering, chipmaker delivering a blowout quarterly report and crushing estimates for fourth quarter sales. In a statement, the company said it now expects revenue for about $50 billion in the current period, up from $11 billion a year ago and well ahead of forecasts. The US chipmaker is also unveiling that it has secured $22 billion in commitments from 16 strategic customer agreements. The stock price

is up almost 700 percent over the past year. In the last 24 hours, CNBC has spoken to a trio of executives focused on the AI trade. And despite the recent volatility in tech stocks, one major theme kept coming up. But one thing that I think is also very important to highlight is why, like, why do we need so much compute? And I think we're heading to a world where the economy is really shifting to be AI and compute powered, that is going to be a force that really lifts up what everyone does.

Compute demand among our six customers, and as I say, we only have six, and OpenAI, we co...

Chip stocks feed Asia rally

Transcript

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Chip stocks feed Asia rally

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.