SK Hynix’s $470 Billion Selloff Shows Cracks in Memory-Chip Boom

South Korean memory chipmaker SK Hynix has lost around $470 billion in market value in just over a month, with shares plunging 38 percent from their June all-time high amid concerns over crowding and leverage-driven volatility. Despite expectations of record June-quarter results with sales more than tripling year-on-year to about $57 billion and operating profit rising sixfold, investors are worried that rising memory costs will push customers toward cheaper alternatives or reduced usage. The stock now trades at 4.4 times forward earnings, below Micron's 6.2 times, making it the largest global equity rout outside SpaceX during this period.