(Bloomberg) -- SK Hynix Inc.'s American depositary receipts slumped to a new low after a record-setting $26.5 billion debut earlier this month as investors dump once-high flying semiconductor stocks.
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The South Korean memory chipmaker dropped as much as 10% to trade as low as $139.01, breaking well below the $149 level where the securities were sold on July 9. The company joined Elon Musk's SpaceX in being among the year's largest US offerings to trade below where shares were sold for the first time publicly.
SK Hynix's ADRs closed at $143.02 each on Monday, 4% below the listing price.
The fallout for SK Hynix came as a closely watched semiconductor index extended a recent slide which saw it close at its lowest since May 19. Investors have also dumped shares of newly public stocks with gas engine maker Innio NV dropping below its IPO price.
Monday's selloff came as the cost of protecting Nvidia Corp.'s debt against default surged on a fresh round of AI infrastructure deals potentially topping $750 billion.
SK Hynix's decline 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. That's roughly the amount of energy needed to power 1.5 million homes. The first of these so-called AI factories, built by SK Telecom Co., will open next year, Nvidia said.
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