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

• SK Hynix's market cap crossed $1 trillion as the South Korean chipmaker benefits from surging AI chip demand, with computing and electronics manufacturing earnings nearly doubling year-over-year
• UBS tripled its price target for a U.S. tech stock riding the AI wave, reflecting continued investor enthusiasm for AI-exposed companies
• BP Chairman Albert Manifold exited over conduct claims, while ECB officials reaffirmed commitment to bringing inflation back to the 2% target

Summary: The $1 Trillion Club Expands Amid AI Rally

Key Developments:

Two major technology companies joined the exclusive $1 trillion market capitalization club, driven by the ongoing AI boom. South Korean chipmaker SK Hynix surpassed the $1 trillion threshold on Wednesday, while U.S. tech firm Uber also reached this milestone after UBS tripled its price target for the stock on Tuesday.

China Economic Data:

Chinese industrial profits surged nearly 25% in April, marking the fastest growth rate in over two years. The computing and electronics equipment manufacturing sector saw particularly strong performance, with earnings almost doubling year-over-year—the fastest expansion since November 2023.

European Investment in China:

Despite the EU's de-risking strategy, European companies remain committed to Chinese manufacturing. According to an EU Chamber of Commerce survey, one-third of respondents are increasing onshoring operations within China.

Monetary Policy:

Bank of France Governor emphasized the European Central Bank's commitment to controlling inflation, stating the ECB "will do what is necessary" to return inflation to the 2% target in the medium term.

Corporate News:

• Ferrari shares declined following mixed market reception to its Luce launch
• BP closed lower after Chairman Albert Manifold exited over "serious" conduct concerns, though he stated he would not allow a "false narrative to go unchallenged"

Market Outlook:

Tech-heavy indices globally continue reaching record levels, fueled by the AI-driven rally. Markets are monitoring U.S.-Iran ceasefire negotiations while managing regional tensions. Global equities showed mixed performance heading into Wednesday's session.