SK Hynix Inc.'s American depositary receipts fell as much as 10% to $139.01, breaking below the $149 price set in its record $26.5 billion US initial public offering on July 9. The ADRs closed at $143.02 on Monday, 4% below the listing price, as a semiconductor index hit its lowest since May 19. The decline came alongside a selloff in newly public stocks and a surge in the cost of protecting Nvidia Corp.'s debt against default amid AI infrastructure deals potentially topping $750 billion. SK Hynix's drop coincided with news that Nvidia is teaming up with the company to build more than 2 gigawatts of AI data centers on the Korean Peninsula, with the first facility set to open next year.
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