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

What you need to know today Shares in SK Hynix jumped on Wednesday, taking the South Korean chipmaker's market capitalization above $1 trillion for the first time. The move follows a blistering rally for the stock, which has skyrocketed around 250% since the start of the year. The gains have been fueled by surging demand for AI chips, which has driven South Korea's KOPSI to record highs. And it's not the only one to join the $1 trillion club over the last 24 hours. U.S. tech group Micron is also riding the AI wave. On Tuesday, UBS tripled its price target for the stock, sending shares 19% higher on the day. You can get Jim Cramer's take on the top nine U.S.-based trillion-dollar companies here. Staying with technology, industrial profits in China have surged by 24.7% in April, marking the fastest growth since November 2023. Computing and electronics equipment manufacturing saw earnings almost double from a year ago. European companies are committed to their supply chains in China, according to a survey released by the European Union Chamber of Commerce, which said one-third of respondents are onshoring further in the country. Meanwhile, top ECB policymaker Francois Villeroy de Galhau has told CNBC that the central bank 'will do what is necessary' to keep inflation on target. 'If I speak on behalf of the ECB, this means do what is necessary to bring inflation back to 2% in the medium term. Markets can be assured of that,' he told CNBC. In corporate news, shares in Italian luxury car giant Ferrari closed deep in the red after investors took a cynical view of the group's highly anticipated electric vehicle launch. The Luce was met with widespread disappointment over its appearance and skepticism over the $640,000 price tag. BP also ended Tuesday in the red after the board removed chairman Albert Manifold over 'serious' conduct concerns. He told the Financial Times he 'will not allow a false narrative to go unchallenged.' Across broader equity markets, Japan and South Korea have hit fresh record highs as markets weigh the progress of U.S.-Iran ceasefire talks against fresh tensions in the region. U.S. stock futures are little changed after the S&P 500 closed at another record on Tuesday. In Europe, stocks are heading for a mixed open.