SK Hynix plunged about 10% in Seoul on Monday, dragging the KOSPI, after the
memory-chip maker rose 13% in its US trading debut last Friday. A Seoul
active-equity manager said the New York gains appear priced in, leaving the
stock exposed to large intraday profit-taking and arbitrage unwinds. The $26.5bn
US offering — viewed as a barometer of overseas financing demand and the
durability of the AI rally — was over 7x oversubscribed despite concerns about
elevated AI valuations and capex. SK Hynix is a major supplier of high-bandwidth
memory (HBM) for NVIDIA.
