SK Hynix Stock Falls After U.S. Debut Rally
Shares of the South Korean chipmaker declined in Seoul trading following an initial surge on its U.S. listing.
SK Hynix shares slumped in South Korean trading Tuesday, a day after the semiconductor giant’s debut on U.S. stock exchanges saw its American depositary shares rally. The stock fell 4.5% in Seoul on Wednesday.
The company’s ADSs, which represent shares of SK Hynix, began trading on the Nasdaq on Monday, marking a significant move for the world’s second-largest memory-chip maker. The debut followed a period of strong performance for semiconductor stocks, driven by optimism around artificial intelligence development and demand for AI-related hardware.
Meanwhile, broader market futures indicated a slide for U.S. equities, with Nasdaq futures experiencing a decrease. In commodities, Brent crude oil prices edged upward, nearing the $79 per barrel mark.