The Rundown - SK Hynix Makes $26.5 Billion Nasdaq Debut, Delta Warns Airfares Aren't Coming Down

Episode Date: July 10, 2026

Market update for Friday July 10, 2026Check out the Public app for incredible investing tools and to support the show (LINK)Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions.In today’s episode, Zaid covers:SK Hynix pulls off the biggest US debut by a foreign company in historyCircle just got the greenlight to become a bank... sort ofWhy WD-40 shares are surging after a monster quarterWhy Delta stock is falling despite strong earningsWhy Netflix is slowly rebuilding cable with live TV channels

Public.com presents the rundown. Your daily market update in 10 minutes. My name is Zadadmani, and today is Friday, July 10th. In today's episode, we'll break down SK Hynix's record U.S. listing today. We'll also explain why the stable coin company Circle just got approval to be a bank and what it means for the company. Then stick around to the end of the show to find out why Netflix is thinking about launching live TV. channels and why I think it's a good idea. We got a great show for you today. Let's go. Stocks bounced back on Thursday with the S&P 500 up 0.8% while the NASDAQ jumped 1.3%. It seems like after

Wednesday's Iran scare, the market quickly went back to focusing on AI. Technology was the best performing sector yesterday with chip stocks leading the rally. Oil prices also fell on Thursday after President Trump signaled that Iran may be open to ending the latest round of fighting. So it seems like every time there's one of these Iran flare-ups, it could be a good dip-buying opportunity because just a couple days later, the market rips back higher. The S&P is now within 1% of a new record high, which hasn't happened since the first week of June. Now, as I record, the stocks are in the green this morning, so if we get a strong rally today,

we could be sitting at record highs heading into the weekend. And the next week, earnings season ramps up in a big way. Five of the six biggest banks in America all report on Tuesday. And the overall expectation from the market is high for this earning season, especially for AI companies. So the next few weeks will be very interesting. We're going to be locked in. So if you're new here, it's a great time to get subscribed for the podcast and tune in every day to stay in the loop. Let's run through some headlines.

Starting with S.K. Heinex. S.K. Hynix is making history today by being the biggest ever U.S. listing by a foreign company. S.K. Hynix is a South Korean company that makes memory chips, and they're raising $26.5 billion as part of their NASDAQ listing today, topping the record Alibaba set back in 2014. In fact, it's the second biggest U.S. stock sale of all time, second only to SpaceX's record IPO last month. Now, here's the thing, S.K. Hynix was already a publicly traded company in South Korea. What they're doing now is creating a U.S. listed version of their stock through something called an ADR, which stands for American depository receipts. The way this works is that a U.S. bank holds the foreign company's shares and then issues certificates representing those shares that Americans can then buy and sell in dollars on a U.S. exchange.

And look, the timing here for S.K. Hynakes makes a lot of sense. The company is looking to raise all this money to build more capacity. to make more memory chips. As we covered a lot on the show, the demand for memory chips has exploded because of AI. And SK-Hinix is one of the three major companies in the world that makes memory along with Samsung and Micron. In fact, S.K. Hynix had a 57% market share

of the global HBM market by revenue in the fourth quarter of 2025. HBM is the highly profitable memory that goes in AI data centers. And all this memory chip demand has led to a surge in S.K. Hynix's stock, actually crossed a trillion dollars earlier this year. So the company is doing this listing in the U.S. and raising money to, you know, capture that investor enthusiasm. In fact, the demand for this offering was seven times oversubscribed.

So the stock is expected to have a big first-day pop. And not just that, by doing this American listing, that could also further boost the company's valuation. Currently, S.K. Heenakes trades at roughly 4.8 times forward earnings, compared that to 6.6 times for Micron. One of the reasons for that was that most American investors simply couldn't buy SK-Hinek stock until now. So I'm keeping my eye on SK-Hinick stock, and I wonder if Samsung will do a U.S. listing soon, too. Let's shift gears and talk about Circle.

The Stablecoin Company just received approval to become a bank, sort of. Now, a quick refresher on Circle, they're the company behind the StableC USDC, which has more than $73 billion in circulation. And every one of those digital dollars in circulation has to be backed by real cash and treasuries. Well, up until now, Circle had to pay third-party banks to hold all their treasuries and cash. But as of this morning, the Office of Comptroller of the currency approved Circle to operate their own National Trust bank. The bank is called Circle National Trust, and that means that Circle can custody their own reserves. Now, to be clear, this is not a full-on banking license, like Circle can't take regular customer deposits or issue credit cards or make loans. So Chase and Bank of America and Wells Fargo can breathe aside relief for now.

But this is still a big deal for the company because it puts Circle under direct federal oversight, which might make it easier for Circle to pitch to big institutions to use their USDC stablecoin. So this is a win for Circle and they needed it because the competition in the stable coin space is getting intense, despite some of the hype wearing off. Two weeks ago, a consortium of more than 140 companies, including BlackRock, MasterCard, Stripe, and Visa launched a right. rival stable coin called OpenUSD. Circle stock got absolutely crushed on that news. But shares are bouncing back this morning following the bank charter news. Circle stock is up around 7% this morning. If you zoom out, though, Circle stock is still down 70 plus percent from

their post IPO peak. Let's talk about some stocks making moves today. Shares of WD40 are ripping higher this morning after the company reported a strong earnings beat. Now, I'll be honest with you guys. I actually didn't know that WD40 was a publicly traded company. Turns out they've been publicly traded since 1973. And according to their latest earnings, people are still buying a ton of their iconic blue and yellow can to fix stuff around the house. Revenues in Q2 jumped 24% from a year ago to $195 million. And profits came in at $2.33 per share. Both those metrics, beating Wall Street estimates. And the company is seeing growth all over the world. Sales jump 29% in the Americas, 24% in Asia Pacific, and 17% across Europe in the Middle East. WD40 stock is up

around 15% this morning at the time of this recording. And if you zoom out, shares were already up more than 20% this year coming into today. So for a market obsessed with AI and chip stocks, it just makes me happy to see a good old-fashioned lubricant company like WD40 get some love. Now, on the flip side, shares of Delta Airlines are down slightly this morning, despite the company beating on earnings. Revenues jumped 14% to $17.7 billion, and adjusted earnings per share came in at $1.56, both those numbers topping estimates. Now, when you dig into Delta's numbers, what's interesting is that they grew revenues by charging more per seat and not because they were flying more planes. In fact, flight capacity was up just 1% last quarter. And what I also

found interesting is that Delta now makes more revenue from premium seats than from the main cabin. So their strategy to cater to the high-income flyer is working. Now, higher fuel costs did hurt last quarter. Adjusted fuel costs were up 77% compared to a year ago. Management said they recovered about 60% of that fuel increase through higher ticket prices. And here's the part that passengers probably won't love. Delta's CEO Ed Bastion says he does not expect airfares to fall just because fuel prices have started to come down recently. So I guess that's great for Delta's bottom line and shareholders, but not great for travelers. But look, despite the solid earnings, Delta's stock is down around 1% this morning. In fact, it was down more than 4% at one point. And I think

it's because Delta stock was already up nearly 30% this year going into this earnings report. So a lot of that good news was already priced in. Now, personally, I'm not happy to hear that Delta will keep their airfare prices higher despite oil prices coming down. And I wonder if Spirit Airlines going bankrupt is playing a role in that. Let me know what you guys think in the comments. Let's wrap the show with a fun fact. Netflix is thinking about adding live TV channels to their app. According to the Wall Street Journal,

Netflix executives are exploring channels that continuously stream shows from a certain genre. You know, we talked about Netflix earlier this week. They seem to be having an internal crisis right now because engagement on the platform is down, which used to be Netflix's strength. You know, total watch time. is barely growing these days,

and viewership numbers for season two of hit shows are down a lot compared to season one. Live TV channels could be a solution to the engagement problem because one of the biggest problems of the streaming era, besides there being too many apps these days, is decision paralysis.

How many times have you opened up Netflix and spent 20 minutes trying to find something to watch? I mean, it's just not a good experience. You know, back in the day, you would just turn on the TV, flip to a channel, and watch whatever was playing.

Usually it was like a Harry Potter marathon or full house or something. So live TV, channels could be a good idea for Netflix, and it could help boost Netflix's advertising business, too. Netflix generated around $1.5 billion in ad revenue last year, and they expect that number to double in 2026. So I wouldn't be surprised if Netflix goes in this direction. Big picture, though, I think Netflix is feeling the pressure internally to try something because the stock has lost 40% of its value over the last 12 months. If Netflix does end up embracing live TV channels,

it would be a total full circle moment. I guess the less. I guess the less. lesson here is that maybe cable TV wasn't so bad after all. Well, all right, guys, that's the rundown for today. That's the rundown for this week. Hope you guys enjoyed today's episode. If you did, and you have like five extra seconds, consider giving us a five-star rating on Apple, Spotify, YouTube, wherever you listen to your podcast. If you are listening on Spotify, don't forget to vote in today's Spotify poll.

Leave us a comment on Spotify. All that engagement really does help us out, and it helps other people find. the show thank you guys so much for listening watching and commenting shout out to mike for all the work behind the scenes and we'll see you guys back here tomorrow for the deep dive