South Korean equities sold off sharply on Oct. 13, with the country’s main stock index down 5% and chip heavyweight SK Hynix extending its intraday loss to 7%, according to Bitget data. Samsung Electronics fell 5.89%, and both companies were down more than 5% on the day, putting them on track for a fifth straight session of declines.
The move came as selling pressure in Samsung Electronics and SK Hynix continued, with investors weighing concerns about Chinese competition and whether the rally in AI-related stocks had stretched too far. The weakness in the two chipmakers dragged down the Korea Composite Stock Price Index, or Kospi.
U.S. semiconductor names also fell overnight. Memory chip maker Micron Technology lost 3.9%. On the news front, China’s ChangXin Memory Technologies, or CXMT, reportedly made progress on a new memory architecture that Samsung Electronics and SK Hynix are also developing. Market sentiment was also hit by Broadcom CEO comments comparing investment in AI stocks to gambling. Eugene Asset Management CIO Ha SeokKeun said uncertainty over whether the current upcycle can last through 2028 and beyond appears to be weighing on valuations and share prices for Korean chipmakers.
South Korean equities dropped sharply on Oct. 13, with the country’s stock index falling 5%, SK Hynix widening its intraday loss to 7%, and Samsung Electronics down 5.89%, according to Bitget data.
Shares of Samsung Electronics and SK Hynix extended their recent sell-off. Concerns intensified over competition from Chinese rivals and over whether gains in AI-related stocks had been stretched too far. On Oct. 13, both companies were down more than 5% and were seen heading for a fifth consecutive trading day of losses, dragging the Korea Composite Stock Price Index, or Kospi, down 5%.
U.S. chip stocks also fell overnight. Memory chipmaker Micron Technology lost 3.9%. On the news side, China’s ChangXin Memory Technologies, or CXMT, made progress on a new memory architecture that Samsung Electronics and SK Hynix are also developing.
Broadcom CEO comments describing investment in AI stocks as having gambling-like characteristics added to the concern. Ha SeokKeun, chief investment officer at Eugene Asset Management, said, 「The market is uncertain whether this upcycle can continue through 2028 and beyond, and that appears to be weighing on the valuations and share prices of Korean chipmakers.」
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