SK Hynix drops 15.4% in Seoul after 13% Nasdaq debut jump
What's new: The slide was the stock's biggest on record as investors took profits and reassessed AI-memory demand and valuation gaps.
SK Hynix shares fell 15.4% in Seoul on Monday, their biggest one-day drop on record, after the South Korean chipmaker's American depositary receipts rose about 13% in their Nasdaq debut Friday. The company raised more than $26 billion in the U.S. listing, with the ADRs priced at $149 and opening at $170. Analysts said the Seoul selloff reflected profit-taking after the listing, uncertainty over how to value the U.S. and Korean shares, and caution ahead of second-quarter earnings. Investors are also weighing whether demand for high-bandwidth memory chips used in AI systems will keep pace with rich expectations after the stock's strong run this year.