Trump Administration Boosts SK Hynix Stock with Compromise Suggestion

The stock of Korean memory chip manufacturer SK Hynix (NASDAQ: SKHY) jumped 4% by 10 a.m. ET on Monday, thanks in part to comments from U.S. Commerce Secretary Howard Lutnick.

Lutnick told The Wall Street Journal over the weekend that the Trump administration is not supportive of Apple's plans to purchase memory chips from China-based Yangtze Memory Technologies and CXMT.

The administration prefers that companies like Apple buy from Micron (NASDAQ: MU) and Sandisk (NASDAQ: SNDK), both based in the U.S. However, Lutnick also suggested that buying some memory from Korea's SK Hynix might be a fair compromise for the administration.