SK Hynix, the South Korean memory-chip giant, reported quarterly results with a 557% year-over-year increase in operating profit, yet the market punished the stock by nearly 10-11% in Seoul trading due to the announcement of a capital expenditure budget of at least $31 billion for 2026, representing a roughly 50% increase. The semiconductor sector suffered the fallout: the PHLX Semiconductor Index dropped more than 5%, Nvidia fell over 3%, AMD declined approximately 5% and Micron tumbled 9%. The event triggered an unexpected ripple effect on the crypto derivatives platform Hyperliquid, where SK Hynix-related perpetual futures crashed approximately 19-20%, resulting in roughly $60 million in forced liquidations. Barclays cut its price target on SK Hynix’s US-listed ADRs from $330 to $300.
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