SKHX Falls 8.89% as Broadcom's Soft AI Guide Drags SK Hynix Into a Chip Rout

The Broadcom Domino

The proximate cause sits in San Jose, not Seoul. Broadcom guided third-quarter AI-chip revenue to about $16 billion against roughly $17.2 billion expected and left its 2027 AI forecast unchanged rather than raising it — enough to send its own stock down 12.6%, its worst session in over a year, and drag the broader AI-memory complex with it. When AI-infrastructure sentiment breaks, Korea's memory names tend to get sold first: they are the primary suppliers of the high-bandwidth memory that goes into Nvidia's accelerators, so they trade as a leveraged bet on the same capex cycle.

That spillover showed up hard at the Thursday open in Seoul, where SK Hynix shares fell more than 8% — as much as ~9% intraday — while Samsung slid over 5% and the KOSPI dropped roughly 4%. Because the SKHX perp's oracle converts SK Hynix's KRW share price into USD, that cash-session move is what pulled the contract down 8.89% over 24 hours to about $1,475, on roughly $700 million of Hyperliquid perp volume.

The $29 Billion Overhang

None of this is landing in a vacuum. SK Hynix is about a week away from one of the largest equity events in its history: a ~$29 billion Nasdaq ADR listing, tentatively set to price around July 10. The board approved issuing up to 17.79 million new shares — roughly 2.5% of the company — with the registration statement effective July 6 and bookbuilding to follow, and proceeds earmarked for HBM and next-generation AI-memory capacity.

At the top of its range it would be the largest ADR offering ever, edging past Alibaba's 2014 debut. But new share supply is dilution by definition, and bookbuilding into a falling tape is exactly the setup that makes traders de-risk first and re-underwrite later. The listing that was supposed to be a coronation is, for now, an overhang — and the timing means the perp is trading the deal risk as much as the fundamentals.

The Oversupply Question

The deeper worry is that memory's tight-supply story — the thing that powered SK Hynix's run all year — is starting to be priced as its opposite. Samsung, SK Hynix and the Korean government have committed to roughly $590 billion to build four new fabs and double the country's DRAM capacity over five years. Bulls read that as demand confidence; bears read it as the seed of the next oversupply glut in a famously cyclical industry.

The reset is sector-wide, not SKHX-specific. The Roundhill Memory ETF — whose top holdings are SK Hynix, Samsung and Micron — logged a second straight day in the red, Micron itself has given back more than 10% this month despite a huge year, and the three memory makers are also fending off a US class-action alleging they restricted DRAM output to prop up prices. Put together, a soft Broadcom print didn't just ding one stock — it handed the market a reason to question the entire memory-supercycle trade at the exact moment SK Hynix needs a firm bid for its ADR.