SK海力士于7月10日在美股上市后不到三周出现破发[1]。截至7月28日美股收盘，海力士美国存托凭证（ADR）下跌7.47%至143.02美元[1]，同日韩国股市一天三次熔断[1]，海力士在韩国上市股价暴跌超14%[1]。
芯片股的集体下行反映了市场对多重风险的担忧。其中，英伟达推进的大规模融资计划加剧了市场焦虑——该公司计划为OpenAI数据中心项目提供约2500亿美元融资担保[1]，并与SK集团达成未来五年总价值7500亿美元的先进存储半导体长期供应合作[1]，英伟达股价因此大跌4.99%[1]。与此同时，中国半导体企业长鑫科技在科创板上市募资579亿元[2]，计划将全球DRAM市场份额从7.67%扩大至17%[2]，这一举动打破了韩国芯片制造商长期主导的市场格局，加剧了行业竞争压力。
韩国市场的剧烈波动还受到杠杆工具的放大效应影响。5月27日韩国批准了三星和海力士的2倍杠杆ETF上市，首月即吸引3万亿韩元涌入[2]，但这些产品随后跌幅超60%[2]。韩国融资余额创纪录地达到38万亿韩元，近十分之一的散户被要求追加保证金或面临强平[2]。韩国KOSPI指数从高点回撤35%[2]，触发今年第八次熔断[2]。
SK Hynix's American depositary receipts fell 7.47% to $143.02 as of the morning close on July 28, dropping below the July 10 initial offering price [1]. The decline reflected broader turbulence in semiconductor equities, with the Philadelphia Semiconductor Index retreating approximately 19.43% from its June 22 peak, though still posting a 63.13% gain year-to-date [1].
Market instability intensified across South Korean exchanges on the same day, as the KOSPI index plummeted 10.84%, triggering the exchange's eighth circuit breaker halt of the year [2]. SK Hynix shares in Seoul tumbled more than 14%, while the broader Korean market declined 35% from its highs—a drawdown comparable to the 2015 Shanghai composite selloff [2]. South Korean stock index futures halted three times in a single day [1].
Analysts attributed the chipmaker turmoil to multiple converging pressures. On July 24, SK Group announced a $750 billion long-term supply partnership with NVIDIA and other major technology firms for advanced memory semiconductors over the next five years [1][2]. Separately, NVIDIA's credit default swap spread surged 14 basis points to 82 basis points amid expectations of massive financing obligations, as the graphics processor maker planned to secure approximately $250 billion in financing guarantees for OpenAI's data center initiatives [1][2]. Additionally, Chinese competitor Changxin Memory Technologies' initial public offering on the Shanghai Stock Exchange threatened to disrupt the DRAM oligopoly, with plans to expand global market share from 7.67% to 17% and increase monthly production capacity from 280,000 wafers to 500,000 wafers by 2028 [2].
Leverage dynamics amplified the selloff. South Korea approved 2x leveraged exchange-traded funds tracking Samsung and SK Hynix in May, which attracted 3 trillion won in their first month [2]. These products subsequently lost more than 60% of their value, while margin lending reached a record 38 trillion won, leaving nearly one-tenth of retail traders facing margin calls or forced liquidation [2]. Despite the volatility, SK Hynix maintained a forward price-to-earnings ratio below 4x [2], with the company commanding 52% of the global HBM memory market and projecting 54% share following next-generation HBM4 production [2].
