Investors sold shares of the South Korean chipmaker following a 12.8% rally in its Wall Street debut, triggering a record single-day decline.
SK Hynix shares plunged 15.4% in Seoul on Monday, marking their steepest daily drop on record, as investors took profits after the company’s Nasdaq debut. The stock had surged 12.8% in its U.S. market debut on Friday but reversed course, falling about 6% in New York trading.
The sell-off followed a broader pullback in semiconductor stocks, with the S&P 500 and Nasdaq Composite declining 0.3% and 0.7%, respectively. Peers including Micron, Sandisk, and AMD also retreated, reflecting waning enthusiasm for AI-related chipmakers.
Analysts noted the disconnect between initial listing hype and fundamentals, with one executive calling the debut pop a short-term reaction to headlines rather than earnings potential.