SK Hynix fell nearly 13% at the open on Tuesday, July 28, while Samsung Electronics dropped more than 12%, as a sell-off swept across equity markets in Korea, Japan, and Taiwan. The correction followed a Wall Street Journal report on Nvidia’s negotiations for a $250 billion financing facility to help OpenAI lease a 10-gigawatt data center campus in Ohio, a project estimated to cost over $500 billion in total. The Shanghai stock market debut of Chinese memory maker CXMT, whose shares surged 500% from its IPO price on Monday for a valuation near $515 billion, also heightened competitive concerns. Analysts at Seoul Economic Daily estimate the high-bandwidth memory technology gap between CXMT and Korean leaders has narrowed to three years from over five years earlier, threatening the AI chip deals signed with U.S. hyperscalers. SK Hynix’s quarterly earnings due later this week will test whether AI-linked demand still justifies the group’s valuation.
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