Hynix slumps ahead of US listing as AI chip rout deepens

Hynix slumps ahead of its Nasdaq debut as the selloff in AI-related chips deepens, pulling South Korean and global peers lower. SK Hynix shares dropped 5.7% on Wednesday, while Samsung Electronics fell 6.3%, dragging the Kospi index down 5.4%. The move followed a broader risk-off session influenced by heightened US-Iran tensions and a US decision to revoke a waiver that had allowed new Iranian oil sales. In the US, the Philadelphia Semiconductor Sector Index slid 5% after its best-ever quarter. The pressure arrives even as SK Hynix’s upcoming US listing is reported to be multiple times oversubscribed. The company remains a major beneficiary of AI demand through high-bandwidth memory chips used in Nvidia processors. Analysts cited by Bloomberg argue a US listing could broaden the investor base and improve liquidity, despite investor concerns about AI infrastructure spending.