SK Hynix and Micron Drop Amid Korea-Driven Memory Sector Selloff
Memory stocks took a hit as SK Hynix fell 6% in U.S. trading, dragging down peers like Micron (down 6%) and SanDisk (down 9%). The decline followed an overnight selloff on the KOSPI index led by South Korean chip giants Samsung and SK Hynix. This triggered a broader sympathy sell-off across memory-related stocks in the United States. The Roundhill Memory ETF dropped 7%, reinforcing that this was not just isolated stock weakness but sector-wide concern. The NASDAQ 100 also fell for its third consecutive session, reaching a one-month low as tech markets faced pressure from mixed earnings and geopolitical tensions between the U.S. and Iran. Despite Friday’s losses, Micron remains up over 227% year-to-date. Micron's recent fiscal Q3 results showed strong performance with $41.46 billion in revenue and a forward P/E of just 6x against analyst price targets near $1,507. However, the selloff reflects broader macroeconomic concerns rather than company-specific issues.
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Topics: DRAM KOSPI memory_stocks NASDAQ tech_sector