Why SK Hynix shares tumbled after a blockbuster Nasdaq debut

SK Hynix made history with the largest-ever US listing by a foreign company, raising $26.5 billion through ADRs priced at $149, ending its Nasdaq debut up nearly 13%. Despite the strong US debut, Seoul shares fell as much as 8% on profit-booking and concerns about HBM4 chip shipments falling short of second-quarter expectations. Analysts maintain the long-term AI memory story remains intact, with SK Hynix holding the largest share of the global HBM market.