CNBC Daily Open: The $1 trillion club just got bigger

SK Hynix Inc. 12-layer HBM3E memory chips, front, and a LPDDR5X CAMM2 memory module arranged at the company's office in Seongnam, South Korea, on Tuesday, April 22, 2025. SeongJoon Cho | Bloomberg | Hello, this is Leonie Kidd writing to you from London. Welcome to today's edition of the Daily Open newsletter. The $1 trillion club just got bigger, as the AI-fueled rally propelled more companies into the mega-market-cap space. The race to scale continues at breakneck speed, and is keeping tech-heavy indices across the world at record levels. It's one of the first days when developments in Iran have not dominated international markets, but it is not far from investors' minds as the fragile truce continues to be tested. What you need to know today Shares in SK Hynix jumped on Wednesday, taking the South Korean chipmaker's market capitalization above $1 trillion for the first time. The move follows a blistering rally for the stock, which has skyrocketed around 250% since the start of the year. The gains have been fueled by surging demand for AI chips, which has driven South Korea's KOPSI to record highs. And it's not the only one to join the $1 trillion club over the last 24 hours. U.S. tech group Micron is also riding the AI wave. On Tuesday, UBS tripled its price target for the stock, sending shares 19% higher on the day. You can get Jim Cramer's take on the top nine U.S.-based trillion-dollar companies here . …