SK Hynix (SKHY) Stock Falls 9% as Oil and Bond Yields Pressure Chip Stocks
TLDR
- SK Hynix fell over 8% in Seoul trading, with U.S.-listed SKHY dropping 9% on Nasdaq
- Samsung dropped more than 7% as the semiconductor selloff spread across global markets
- South Korea’s KOSPI index fell 6% to 6,460.6, briefly triggering a trading halt
- Rising oil prices and Treasury yields drove investors away from high-growth AI stocks
- SK Hynix separately announced a $29 billion share buyback and cancellation plan
SK Hynix stock dropped more than 8% in Seoul on Wednesday, with its U.S.-listed SKHY falling 9% on Nasdaq. Samsung fell more than 7% in the same session.
The selloff was part of a broader move away from semiconductor stocks tied to AI. Micron and Western Digital each fell 7%, while SanDisk dropped 9% in the prior session.
South Korea’s KOSPI index fell 6% to 6,460.6, briefly hitting a circuit breaker that triggered a temporary trading halt earlier in the session.
The pressure started in U.S. markets on Tuesday, where stocks dropped as oil prices surged. The U.S.-Iran conflict showed little sign of easing, pushing energy prices higher.
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