Trump Boosts SK Hynix Stock with Preference for Domestic Memory Chips

Korean memory chip manufacturer SK Hynix (NASDAQ: SKHY) saw its stock jump 4% through 10 a.m. ET Monday, thanks to comments from Donald Trump's Commerce Secretary Howard Lutnick over the weekend.

Lutnick told The Wall Street Journal that the Trump administration is 'not in favor' of Apple's plans to buy memory chips from Yangtze Memory Technologies and CXMT in China, and would prefer Apple to purchase from Micron (NASDAQ: MU) and Sandisk (NASDAQ: SNDK).

However, Lutnick also mentioned that buying some memory from Korea's SK Hynix might be a fair compromise.

The Trump administration's preference for domestic production could benefit not just Micron and Sandisk, but also their rival SK Hynix.