SK Hynix Stock Plunges 11% in Seoul, Slips After Hours in New York as Hot CPI, Fed Hike Bets and AI Funding Worries Weigh

SK Hynix Inc. (NASDAQ:SKHY) shares tumbled more than 11% in Seoul on Thursday, deepening a global chip selloff tied to hotter U.S. inflation, Federal Reserve rate-hike bets and doubts over funding the artificial intelligence buildout.

The chipmaker fell 11.42% at the time of writing to KRW 1,257,000 ($929.92), while Samsung Electronics fell 8.84% to KRW 211,500 ($156.47).

South Korea's KOSPI fell 7.81% to 5,539.34.

In Japan, the Nikkei fell 225 fell 4.12% to 64,951.15, with SoftBank Group Corp falling 9.34%.

On Wall Street Wednesday, the tech-heavy Nasdaq Composite fell 1.88% to 26,692.87, and the S&P 500 slid 1.11% to 7,718.94, with technology shares leading the losses.

The iShares Semiconductor ETF (NASDAQ:SOXX), which has gained more than 70% this year, has lost money in each of the past seven sessions.

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U.S. consumer prices rose 3.7% year over year in September, up from 3.4% in August, according to the Bureau of Labor Statistics.

The Federal Reserve raised rates to a range of 3.75% to 4% on Sept. 16, and one more hike is expected this year.

Broadcom Inc. (NASDAQ:AVGO) (NASDAQ:AVGO) CEO Hock Tan said Monday at a conference in Singapore that access to capital could become a bigger obstacle for AI than chip or power shortages, while Intel Corp. (NASDAQ:INTC) CEO Lip-Bu Tan flagged rising financing costs and uncertainty over investment returns.

Goldman Sachs Group, Inc. (NYSE:GS) CEO David Solomon said the 10-year Treasury yield has risen about 75 basis points since early July and warned that not every data center project will win financing on favorable terms.

Tech analyst Dan Ives said that the pullback is a buying opportunity and that the AI boom is still in its early stages, according to CNBC.

Price Action: SK Hynix's Nasdaq-listed ADRs closed 6.06% lower on Wednesday at $147.55 and fell 3.96% to $141.71 in extended trading.

Benzinga Edge rankings indicate SK Hynix's ADR has a Momentum score in the 98th percentile and a value score in the 58th percentile.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Photo: Samuel Boivin on Shutterstock.com

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This article SK Hynix Stock Plunges 11% in Seoul, Slips After Hours in New York as Hot CPI, Fed Hike Bets and AI Funding Worries Weigh originally appeared on Benzinga.com

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