SK Hynix shares surged over 12% on the Seoul Stock Exchange on Thursday after announcing a massive stock buyback program. The company is accelerating its 40 trillion won ($28.7 billion) share repurchase and cancellation program, targeting shareholder returns exceeding 50% of cumulative free cash flow between 2025 and 2027. The initiative is expected to serve as a meaningful floor for the share price, providing tangible downside support in the near term, according to Citi analyst Peter Lee. Earlier this month, SK Hynix said it would invest 54 trillion Korean won to build new memory chip manufacturing plants amid growing demand for components crucial for artificial intelligence. Other Asian tech stocks also rose, with Samsung Electronics gaining 8.69%.
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