SK Hynix’s stay in the trillion-dollar club lasted about 10 days. The South Korean memory chipmaker, which crossed the $1 trillion market capitalization threshold on May 27, has seen its valuation slide to approximately $943 billion following a sharp single-session selloff.
The stock dropped nearly 10% in one day. The company’s shares have risen more than 800% over the past year.
From milestone to pullback in record time
SK Hynix became the third Asian company to reach the $1 trillion valuation when its shares surged as much as 11% on May 27. That put it in rare company alongside Samsung Electronics, which crossed the mark on May 6, and Micron Technology, which hit the threshold just one day earlier on May 26.
By early June, SK Hynix’s share price gave back a significant chunk of those gains. The roughly $57 billion evaporation in market value happened fast enough to remind investors that memory chip stocks remain cyclical.
