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SK Hynix $000660.KS Plunges 12.89% to KRW 1.89M After Nasdaq Debut

Seoul-listed SK Hynix shares corrected sharply following a red-hot U.S. IPO, with analysts flagging a near-term correctional period ahead of AI-driven earnings.

SK Hynix $000660.KS Plunges 12.89% to KRW 1.89M After Nasdaq Debut

SK Hynix $000660.KS shares in Seoul fell 12.89% to KRW 1.89 million on Monday, marking a sharp post-IPO correction after the chipmaker's blockbuster Nasdaq debut on Friday raised $26.5 billion and surged 12.8% in U.S. tradingbenzinga.comfortune.com.

What Happened

The Seoul-listed stock opened at KRW 2.113 million, touched an intraday low of KRW 1.892 million, and closed at KRW 1.89 million, extending losses from Friday's close of KRW 2.180 millionbenzinga.com. The selloff reflects investor profit-taking after the U.S. listing euphoria, with the Nasdaq debut being significantly oversubscribed and drawing heavy demand from both retail and institutional buyersbenzinga.comkr.benzinga.comfortune.com.

SK Hynix, the world's leading high-bandwidth memory (HBM) supplier, aims to use the $26.5 billion windfall to expand manufacturing in South Korea and solidify its AI memory market share alongside Samsung, with both firms planning over $500 billion in combined Korean investmentsbenzinga.com. Despite the stock's 340% year-to-date rally, the single-session drop raises concerns about valuation divergence between U.S. and Korean listingsfortune.combenzinga.com.

Analyst Take

NH Investment & Securities senior analyst Ryu Young-ho said investors are locking in gains post-U.S. listing, while caution is mounting ahead of SK Hynix's July 29 second-quarter earnings reportkr.benzinga.com. Yuanta Securities global strategist Daniel Yu noted persistent uncertainty over memory demand, supply dynamics, and fair valuation for chipmakers, attributing domestic selling pressure to additional share issuance tied to the U.S. listingkr.benzinga.com.

Historical IPO patterns suggest a correction is likely, with recent debuts like SpaceX, Figma, and Circle experiencing sharp post-listing pullbacks after initial surgeskr.benzinga.combenzinga.com. Analysts view this as a correctional phase rather than a fundamental shift in SK Hynix's long-term AI-driven growth storybenzinga.comkr.benzinga.com.

What to Watch

  • Q2 Earnings on July 29: SK Hynix's upcoming report will test whether the AI memory boom sustains, with CEO projections suggesting the boom could last through 2030benzinga.com.
  • U.S. vs. Korea Valuation Gap: Traders should monitor whether the Nasdaq-listed ADRs (ticker SKHYV) stabilize or retreat, potentially dragging Korean shares furtherbenzinga.comkr.benzinga.com.
  • HBM Supply and Demand: Samsung's new HBM4 chip launch and SK Hynix's reported production curbs for HBM in favor of higher-margin DRAM could reshape market dynamicsfortune.com.
  • ETF Flows: Roundhill Memory ETF inflows surged ahead of SK Hynix's debut, but any pullback in SK Hynix U.S. shares could impact memory ETF performancebenzinga.com.

For retail investors and active traders, the correction offers a potential entry point if fundamentals hold, but near-term volatility is expected as the market reassesses SK Hynix's valuation amid AI earnings season.

Sources

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3
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Jul 13, 2026

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