SK Hynix shares plunge 15% to one-month low after blockbuster Nasdaq debut

Shares of South Korean memory chip giant SK Hynix plunged 15% on Monday in Seoul, marking the biggest one-day decline on record, as investors booked profits after its blockbuster Nasdaq ADR debut. The sell-off dragged the Kospi down about 9%, briefly triggering a circuit breaker, and reflected broad-based weakness in global semiconductor stocks ahead of the US Q2 earnings season. The Nasdaq ADR listing raised $26.5 billion, the largest US listing by a foreign company, with ADRs surging 13% before reversing; SK Hynix shares have now fallen over 30% from their June record high amid concerns over stretched AI-related valuations.