South Korea's SK Hynix will issue American depositary receipts on Nasdaq, targeting more than $29 billion in what ranks among history's largest share sales. The world's second-largest memory-chip maker expects trading to commence July 10, joining a select group of megadeals alongside Saudi Aramco's 2019 IPO and Alibaba's 2014 ADR program.

Micron Technology delivered a contrasting performance, with shares climbing roughly 10% in aftermarket trading after fiscal third-quarter results topped consensus estimates. The company also lifted guidance for the current quarter, providing rare positive momentum in a volatile semiconductor sector.

Cerebras Systems moved in the opposite direction, with its stock dropping nearly 20% to about $182—below the $185 IPO price and marking a 41% decline from the May 14 opening peak of roughly $311. Despite reporting a smaller-than-expected loss, the AI chip maker warned of compressed gross margins while scaling a major OpenAI contract.

Oil prices retreated toward pre-conflict levels as Brent crude slipped 4.3% to $73.74. Major indices traded sideways following Tuesday's chip-led tech selloff, with the Dow up 0.4% while the Nasdaq and S&P 500 edged lower. Bitcoin fell beneath $60,000 and gold dropped under $4,000 an ounce.

The divergent moves underscore how memory and AI chip strategies are diverging amid uncertain demand recovery.