South Korea · Samsung · Wall Street · Nvidia · Broadcom · CNBC Technology
Samsung Electronics, SK Hynix shares tumble over 7% as chip rout spreads from Wall Street
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Shares of Samsung Electronics and SK Hynix plunged in early Thursday trading, dragging down South Korea's benchmark Kospi after the tech-heavy Nasdaq Composite slumped overnight.
Key facts
- In Wednesday's session on Wall Street, Micron Technology shares dived more than 10%, despite its stunning 260% gain year-to-date, while Sandisk also shed over 10% overnight
- We plan to build AI data centers across the country in phases, starting with an initial capacity of 5 gigawatts (GW) and eventually scaling up to 15 GW," the CEO explained
- Samsung Electronics tumbled more than 7% while SK Hynix sank over 9% at the open, wiping out billions in market value as Asia's largest chipmakers bore the brunt of the global tech selloff
- This announcement came days after the South Korean government announced major investment initiatives on Monday aimed at supporting the country's AI ambitions, including plans for Samsung Electronics
Summary
Samsung Electronics tumbled more than 7% while SK Hynix sank over 9% at the open, wiping out billions in market value as Asia's largest chipmakers bore the brunt of the global tech selloff. SK Square, the largest shareholder of SK Hynix, also fell more than 10%, mirroring broader losses across the semiconductor sector. The selloff tracks a dismal start to July for the Nasdaq as investors aggressively dumped chip stocks. In Wednesday's session on Wall Street, Micron Technology shares dived more than 10%, despite its stunning 260% gain year-to-date, while Sandisk also shed over 10% overnight.