US stock movement | SK Hynix (SKHY.US) rises about 2% amid potential additional shareholder returns of up to 60 trillion KRW

SK Hynix (SKHY.US) saw its stock rise by as much as 3.6% at the start of trading on Monday, before paring gains to 2% at press time. However, the company's cumulative decline in October still stands at 24%. According to media reports, industry sources revealed that SK Hynix is preparing to announce a new shareholder return plan with a scale of 50 trillion to 60 trillion Korean won (approximately $35 billion to $42 billion). Combined with the recently completed 40 trillion Korean won stock buyback and cancellation, the memory chip manufacturer’s total shareholder returns this year will reach a record of 100 trillion Korean won. Benefiting from strong demand in AI memory chips, the company is expected to achieve historic high growth in its performance and plans to use substantial shareholder return initiatives to propel its valuation into the top tier globally.