A broad AI-connectivity rebound lifted the US compute tape — Credo +9.8%, Arista +8.3% — while SK hynix slid 6.1% in Seoul into the run-up to its July 10 Nasdaq debut.

Credo Technology (CRDO) led the compute complex, up 9.8% to $265.55, as the analyst community piled into the AI-connectivity thesis: Evercore ISI initiated at Outperform with a $325 target, calling Credo a connectivity leader broadening from copper into optics, while Stifel lifted its target to $350 and BofA to $340. Credo owns the optical-interconnect chokepoint — the retimers, active electrical cables and DSPs that move bits between accelerators — and its move led a broad rebound in that node after the prior week's hardware selloff. Arista Networks (ANET) rose 8.3% to $173.28 on the same chokepoint.

The laggard sits at the other end of the stack and on a different clock: SK hynix (000660.KS) fell 6.1% in its latest Seoul session, to ₩2,201,000, capping an extraordinarily volatile week for the HBM-memory chokepoint. The proximate driver is its own listing mechanics — on July 6 the company confirmed it will raise roughly 43 trillion won (about $28 billion) through an ADR sale, with the SKHY line set to begin trading on Nasdaq on July 10, on track to be the largest US listing ever by a foreign issuer. The Seoul common is repricing around that supply even as demand indications from names like Baillie Gifford and Coatue run to billions; the chokepoint itself — roughly 60% of global HBM — is unchanged.

The US session was broadly green across the compute map. On the accelerators-and-capex node, AMD rose 6.6% to $552.05 and CoreWeave (CRWV) 5.8%; Vertiv (VRT) gained 6.0% on the liquid-cooling chokepoint, and TSMC (TSM) 4.1% on leading-edge foundry. The memory node was mixed — Micron (MU) added just 0.9% and FormFactor (FORM), which probes HBM die, fell 4.0% — but the read is a clean rebound in the interconnect, accelerator and power chokepoints after the early-July valuation unwind.

The prints now arrive fast. The PJM 2028/2029 Base Residual Auction closes today (July 7), a direct read on the data-center power premium. ASML reports July 15 and TSMC July 16 — the first Q2 checks on whether leading-edge tool and foundry demand matches the AI narrative — followed by Intel and Samsung on July 23 and Amkor's back-end print July 27. And SK hynix's SKHY debuts July 10, putting the HBM chokepoint directly on the US tape.