A global sell-off in memory-chip stocks deepened overnight as South Korea's benchmark KOSPI (^KS11) tanked 7%. Micron (MU) and SK Hynix (SKHY) were poised to open lower on Wednesday as SK Hynix (000660.KS) and Samsung Electronics (005930.KS) fell 10% and 8%, respectively, after tanking earlier this week over concerns about intensifying competition from China. The two memory giants account for more than half of the South Korean stock market's total capitalization. The sell-off in South Korea followed a decline in the chip sector on Wall Street on Wednesday as worries about further rate hikes collided with fears of AI-driven debt financing.
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