SK Hynix Slips 4.1% as Memory-Wide Selloff Overshadows Wolfe Upgrade and Solidigm IPO Buzz
Published on 09/28/2026 at 05:40 | Editorial boerse-global.de
A broad retreat across memory-chip equities dragged SK Hynix shares down 4.1% to KRW 1,786,000.00, with sector-wide weakness proving more than enough to cancel out a fresh analyst endorsement and mounting speculation about a US listing for the company's Solidigm subsidiary.
The scale of the divergence was stark. While the US tech benchmark QQQ shed 1%, the Roundhill Memory ETF tumbled 3%, leaving memory names trailing the wider technology complex by a wide margin. The downdraft caught up even those stocks that had recently enjoyed upbeat coverage.
Wolfe Lifts Target, but the Tape Isn't Listening
Only days earlier, SK Hynix had drawn fundamental backing from Wolfe Research, which on Wednesday reiterated its "Outperform" rating and raised its price target from $250 to $250 — up from the prior $200 level. The brokerage pointed to a steadily improving pricing environment for memory chips and flagged the prospect of substantial free cash flow generation at the Korean manufacturer. Among industry watchers, the cyclical recovery in chip prices is widely viewed as the key engine behind future earnings power. On this trading day, however, that thesis found no traction in the share price.
Solidigm IPO Talk Adds a New Layer
Investor attention is increasingly shifting toward Solidigm, SK Hynix's US arm. According to Reuters, the unit is weighing a US initial public offering that could come as early as next year, with a valuation that might reach $150 billion. The listing could raise as much as $15 billion, a haul that would rank the deal among the largest US semiconductor IPOs on record. Presentation rounds with investment banks competing for mandates are said to have already taken place last week, according to media reports.
Should investors sell immediately? Or is it worth buying SK Hynix?
US Expansion Still in the Exploratory Stage
Beyond the listing chatter, SK Hynix confirmed it is reviewing options for additional production sites abroad, while stressing that no agreements have been finalized and no decisions have been taken on those scenarios. More than a month ago it also emerged that Solidigm is considering building a NAND flash plant in the US, with New York State floated as a possible location. Firm investment decisions on that front remain outstanding.
Management Balks at Power Prepayment at Home
While courting new partnerships in the US, SK Hynix's leadership is striking a more cautious tone on long-term commitments in its home market. On September 14, SK Hynix and Samsung Electronics turned down a proposal from utility Korea Electric Power that would have required an upfront payment of KRW 25 trillion ($18.7 billion) to build out power supply for planned semiconductor mega-clusters. Both companies cited uncertainty over long-term demand in the chip sector as the reason for their refusal.
Labor Deal Clears One Cost Question
Pay costs at existing sites, by contrast, are now settled. On September 16, South Korean production workers approved a revised collective agreement with 57.1% backing. The deal lifts the cash portion of profit-sharing bonuses from 40% to 50%, while the share paid out in company stock correspondingly falls from 60% to 50%.
SK Hynix at a turning point? This analysis reveals what investors need to know now.
With the next major item on the corporate calendar already fixed — SK Hynix reports quarterly results on October 27 — investors have a clear date to test whether the memory cycle's recovery can finally show up in the numbers.
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