SK hynix (SKHY) surged 8.34% in pre-market trading on Friday, extending a powerful rebound that swept through the global memory chip sector. The rally was driven by a confluence of positive catalysts, including a rare vote of confidence from the company's top leadership and renewed optimism in AI-driven demand.

The primary spark for the upswing was SK Group Chairman Chey Tae-won's purchase of 3,620 shares of SK hynix on the open market, marking his first direct personal holding. The move was widely interpreted as a bottom-fishing signal after the stock had retreated over 50% from its June highs. Additionally, strong earnings from U.S. tech giants Amazon and Microsoft reignited confidence in sustained AI infrastructure spending, while UBS initiated coverage with a Buy rating and a $204 price target, citing structural improvements in the memory industry.

The broader semiconductor sector also provided a tailwind, with peers such as Micron Technology and SanDisk posting substantial gains. The unwinding of forced selling and leveraged positions, along with the reported liquidation of a high-profile AI-focused hedge fund, further eased market pressure, allowing investors to refocus on the strong fundamentals and tight memory supply outlook projected through 2028.