SK Hynix Rebounds Over 2% After 9% Plunge as AI Volatility Intensifies

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SK Hynix rebounded more than 2% in Seoul on Tuesday after an early decline of as much as 9%, which would have extended its two-day loss beyond 20% following a 9.3% overnight drop in its American depositary receipts. The recovery came as investors reduced exposure to AI hardware stocks amid concerns about excessive industry capacity, with Samsung Electronics posting modest gains and the benchmark Kospi Index also moving sharply during the session. CLSA Securities Korea noted that Korea has become an increasingly important indicator of global AI sentiment, while Korean retail investors sold more than 2.5 trillion won, or $1.7 billion, of Kospi shares on Tuesday, reversing their recent pattern of buying market declines. SK Hynix and Samsung Electronics together account for more than half of the Kospi's weighting, and SK Hynix has moved at least 5% in either direction during more than 50 trading sessions this year, with further turbulence possible ahead of its July 23 quarterly earnings report. The market swings appear to have been intensified by leveraged investment products, as the ratio of forced liquidations involving shares purchased through short-term loans rose above 10% last week compared with a six-month average of roughly 2.1%, and JPMorgan Private Bank said leveraged ETFs may be increasing short-term swings without changing company fundamentals.

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