SK Hynix Inc. (NASDAQ:SKHY) remains under pressure as investors weigh concerns over the durability of AI spending, intensifying Chinese memory competition, regulatory scrutiny around Solidigm and broader macroeconomic weakness.
The stock fell nearly 3% Tuesday as weaker sentiment across chip and mega-cap technology stocks weighed on memory names. SK Hynix slid almost 30% in the past month.
The Nasdaq declined 0.57%, while the S&P 500 edged up 0.05%.
• SK Hynix shares are experiencing downward pressure. Why is SKHY stock trading lower?
AI and China Concerns Pressure Sentiment
Investor caution increased after ChangXin Memory Technologies, or CXMT, reported progress on denser DRAM designs and server-memory products, raising concerns about longer-term competition.
The stock also faced pressure from persistent U.S. inflation, expectations for higher interest rates and weakness across Asian semiconductor shares, while investors questioned whether heavy AI capital spending can continue generating sufficient returns.
NPS Takes Major Hit from SK Hynix Sell-off
South Korea’s National Pension Service, or NPS, suffered a sharp decline in the value of its domestic equity holdings as SK Hynix and Samsung Electronics Co. Ltd. (OTC:SSNLF) retreated.
The estimated value of NPS stakes of 5% or more in 287 listed companies fell to 333.53 trillion won as of Oct. 15 from 515.93 trillion won at the end of June.
SK Hynix accounted for the largest part of the decline, Bloomberg reported on Monday. The value of NPS’s SK Hynix holdings fell by about 74.2 trillion won, while its Samsung holdings declined by roughly 56.9 trillion won.
Together, the two chipmakers accounted for about 72% of the total decrease.
NPS also reduced its SK Hynix stake to 7.32% from 7.5%, while keeping its Samsung stake unchanged at 7.84%.
Bloomberg said the Kospi had fallen about 39% from its June 22 record close by Oct. 15 amid heightened volatility and concerns about the sustainability of the AI-driven rally.
Solidigm IPO Draws Regulatory Scrutiny
South Korea’s Financial Supervisory Service is examining whether SK Hynix’s potential U.S. listing of NAND subsidiary Solidigm could violate domestic dual-listing restrictions.
FSS Governor Lee Chan-jin said regulators believe the proposed transaction could breach those rules, Reuters reported on Monday.
“We keep monitoring the issue … both the Financial Services Commission and ourselves judged that it is a violation of [rules on] dual listing,” Lee said during a parliamentary hearing.
Reuters previously reported that Solidigm could pursue a U.S. IPO as early as next year at a valuation of up to $150 billion.
South Korea tightened dual-listing rules in July to protect minority shareholders. SK Hynix has said it will evaluate measures to protect shareholders amid concerns surrounding a potential Solidigm listing.
Top ETF Exposure
SK Hynix carries a 9.06% weighting in the VanEck Semiconductor ETF (NASDAQ:SMH), 4.41% in the Dan IVES Wedbush AI Revolution ETF (NYSE:IVES) and 4.90% in the Strive US Semiconductor ETF (NYSE:SHOC).
Those sizable weightings mean meaningful inflows or outflows in the funds could translate into corresponding buying or selling activity in SKHY shares.
SKHY Price Action: SK Hynix shares were down 2.18% at $139.76 at the time of publication on Tuesday, according to Benzinga Pro data.
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