SK Hynix, Micron lead premarket declines as chip stocks slide

Price ActionCommodityGeopolitics
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Summary · why it matters

U.S.-listed shares of SK Hynix tumbled 8% in premarket trading after their Nasdaq debut on Friday, when they popped nearly 13%, while Seoul-listed shares of the South Korean chipmaker sank more than 15% in their worst day ever. Memory and chip stocks broadly fell as investors reassessed the artificial intelligence trade, with the Roundhill Memory ETF off 9%, Sandisk down 5.5%, and Western Digital and Micron Technology each off 5%, while the iShares Semiconductor ETF lost 2% and Intel and Advanced Micro Devices declined more than 2.5% and 2%, respectively. CCC Intelligent Solutions rose 2% after Bloomberg reported Elliott Investment Management built a large stake before the software company began sale talks. MGM Resorts International gained more than 2% following a Wall Street Journal report that it is in private talks with Barry Diller, whose People Inc made an offer in early June that MGM has not publicly addressed. Energy stocks advanced as oil prices rose more than 3% after weekend U.S.-Iran strikes, with Valero Energy up 1.5%, ConocoPhillips up 1%, APA Corporation up 2%, and ExxonMobil and Chevron up 1%. Fastenal added 1% after Rothschild & Co Redburn initiated coverage with a buy rating, citing a shift toward larger customers. Shopify and Deckers Outdoor Group both rose after Jefferies upgraded them to buy, with Shopify up 2.5% on strong fundamentals and agentic commerce tailwinds, and Deckers up 2% on Hoka product innovation upside.

Impact on stocks 19

Semiconductors▼ · 4 stocks
SK Hynix Inc
000660
▼ NegativeDemandrelevance

SK Hynix shares tumble 8% premarket and 15% in Seoul as worst day ever; AI trade reassessment.

Micron Technology Inc
MU
▼ NegativeDemandrelevance

Broad reassessment of AI trade leads to memory chip selloff; Micron down 5%.

Sandisk Corp
SNDK
▼ NegativeDemandrelevance

Memory ETF selloff drags Sandisk down 5.5% amid AI trade reassessment.

Cloud & Digital Infrastructure± Mixed · 3 stocks
Shopify Inc
SHOP
▲ PositiveCapitalrelevance

Jefferies upgraded to buy, citing strong fundamentals and agentic commerce tailwinds.

Consumer Discretionary▲ · 3 stocks
Energy▲ · 3 stocks
Industrials▲ · 1 stocks
Fastenal Company
FAST
▲ PositiveCapitalrelevance

Rothschild & Co Redburn initiated coverage with a buy rating, citing shift toward larger customers.

Artificial Intelligence▼ · 1 stocks
Financials▲ · 1 stocks
Communication Services▲ · 1 stocks
Synthetic Biology (non-pharma)▲ · 1 stocks
Energy Transition & Power Demand▲ · 1 stocks

Off-coverage companies 2

Elliott Investment Management L.P.Private▲ Positive
Capitalrelevance

Elliott Investment Management built a large stake in CCC Intelligent Solutions before sale talks began.

Rothschild & Co RedburnPrivate▲ Positive
Capitalrelevance

Rothschild & Co Redburn initiated coverage on Fastenal with a buy rating.

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