SK Hynix drops 15% in Seoul after $26.5 billion Nasdaq debut

SK Hynix shares fell more than 15% in Seoul on Monday, their biggest one-day drop on record, as investors locked in gains after the chipmaker’s $26.5 billion Nasdaq debut last week. The decline, alongside losses in Samsung Electronics, helped send the KOSPI down 9% and set off a 20-minute trading halt. SK Hynix had priced its ADRs at $149, then saw them open at $170 and finish their first session up 12.8%. Analysts cited profit-taking, caution ahead of second-quarter earnings and questions about how long the AI-driven memory boom can sustain current valuations. The company plans to use the offering proceeds for new factories and equipment to expand AI chip production.