SK Hynix Reels From Overbought Sell-Off as Bank of Korea Fears Bonus-Fueled Inflation
23.06.2026 - 11:44:32 | boerse-global.de
The euphoria around SK Hynix lasted exactly one day at the top of South Korea's corporate ladder — and now the central bank is adding a new dimension of risk. After briefly eclipsing Samsung Electronics on Monday to become the country's most valuable listed company, the memory-chip giant saw its stock plunge 11.55% on Tuesday, settling at 2,582,000 KRW. That sharp reversal came against the backdrop of a separate warning from the Bank of Korea, which has identified the chipmaker's lavish bonus payments as a nascent inflationary threat.
The central bank's concern is rooted in hard data. In the first quarter, special compensation in South Korea's IT sector soared by more than 60%, compared with a meager 2% increase in other industries. The Bank of Korea calculates that if companies such as SK Hynix and Samsung continue paying out record bonuses, consumer prices could be pushed up by as much as 0.05 percentage points in the coming months — a small but symbolic macro spillover from the microchip boom.
That boom has been extraordinary by any measure. SK Hynix reported first-quarter revenue of roughly 52.6 trillion won and an operating profit of 37.6 trillion won, both all-time highs. The cash pile is the direct result of the insatiable demand for high-bandwidth memory (HBM) chips used in AI accelerators. The company now commands 61% of the global HBM market, with Nvidia and Alphabet among its key customers. A technology partnership with Nvidia, signed in June, locks in long-term demand and commits both firms to co-developing the next generation of memory for AI factories.
At the forefront of that next generation is HBM4E. SK Hynix confirmed on June 18 that it had shipped initial samples of its 12-layer HBM4E chips to major clients, boasting transfer rates of up to 16 Gbps and improved heat resistance — both critical for hyperscale data centers. Rival Samsung announced its own HBM4E samples in late May, setting the stage for a high-stakes race to mass production. The winner could cement its market share; the loser risks falling behind in the race to power Nvidia's upcoming Rubin-Ultra platform.
Should investors sell immediately? Or is it worth buying SK Hynix?
The stock's Tuesday sell-off was driven in part by lingering concerns that SK Hynix might allocate some HBM production capacity to more profitable standard DRAM chips, a move that would temper the HBM narrative. At the same time, profit-taking was inevitable after a relentless rally that had lifted the shares 281% year-to-date even after the pullback. The 52-week high touched on Monday was 2,945,000 KRW, giving the company a market capitalization of around 188 trillion won.
Technically, the correction was overdue. The relative strength index had climbed above 76 before the drop, firmly in overbought territory. By Tuesday it had cooled to 61.4, still above the neutral zone but no longer flashing extreme readings. The 50-day moving average at roughly 1,809,000 KRW remains well below the current price, suggesting the broader uptrend is intact.
Looking ahead, SK Hynix is preparing for a transatlantic expansion. Reports indicate the company aims to list American depositary receipts (ADRs) on a U.S. exchange as early as August 2026. The offering could raise up to $14 billion to bankroll new fabrication capacity — a pressing need given that the entire HBM production capacity for 2026 is already sold out. The U.S. Securities and Exchange Commission was expected to review the application on Monday.
SK Hynix at a turning point? This analysis reveals what investors need to know now.
The interplay between corporate performance and macro policy is now front and center for investors. The Bank of Korea's inflation alert adds a layer of scrutiny that the chip sector has rarely faced. Meanwhile, the clock is ticking on the HBM4E production ramp: can SK Hynix move from samples to volume manufacturing before Samsung? That answer will be written on factory floors, not on trading screens.
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