SK Hynix (SKHY) Stock Falls 5% in Premarket Ahead of Q2 Earnings Wednesday
TLDR
- SKHY stock fell ~5% in Nasdaq premarket Tuesday, extending Monday’s 7.47% decline
- The stock has dropped nearly 47% from its June peak, erasing ~$600 billion in market value
- Fears center on Chinese chip competition, crowded AI positioning, and hyperscaler spending doubts
- Q2 earnings are due Wednesday July 29; analysts expect revenue up 278.6% year-over-year
- Barclays has a Buy rating with a $330 price target, implying 130% upside from current levels
SK Hynix (SKHY) stock was down 4.80% at $136.17 in premarket trading on Tuesday, July 28, adding to Monday’s 7.47% drop as investors continued to pull back from AI-linked semiconductor names ahead of Wednesday’s Q2 earnings report.
The two-day slide has been sharp. SKHY has now fallen nearly 47% from its June peak, wiping out close to $600 billion in market value in just over a month.
The sell-off is not isolated to SK Hynix. Micron Technology (MU) dropped more than 4% in premarket Tuesday. Nasdaq futures fell around 0.7%, and S&P 500 futures also edged lower, reflecting a broader risk-off mood in tech.
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