Stock markets will open with overseas markets trading the day before. In morning trade, shares of Samsung (SSNLF) and SK Hynix fell by over 7%. That will once again shatter the lofty bullishness in South Korea’s benchmark, Kospi.
SK Hynix’s decision to include its listing for Nasdaq (QQQ) might mark an intermediary peak in semiconductors. Retail investors are already saddled with buying SpaceX (SPCX), which IPO’d recently. Unfortunately, the quick inclusion of SPCX stock will force passive ETFs that track Nasdaq to buy shares at any price.
Investors may avoid the overvaluation in SpaceX this month. Within a few weeks, the insider lockup expiry will let SpaceX pre-IPO shareholders sell their shares.
South Korea’s chip sector selloff is following Nasdaq’s decline on Wednesday. Micron (MU) fell by 10.6%, Marvell (MRVL) lost 8.7%, Intel (INTC) dropped by 9%, and AMD fell by 6.9%.
Traders also dumped storage stocks. Seagate (STX) and Western Digital (WDC) dropped. SanDisk (SNDK) fell by 10.6%. The drop is small, relative to the 4968% return from the 52-week low of $40.10.
Investors reversed their selling in shares of Microsoft (MSFT), Apple (AAPL), and Meta Platforms (META). Rumors that Meta would sell its excess AI data center compute supply boosted shares. Nebius (NBIS) and CoreWeave (CRWV) sold off.
