Micron Technology and SanDisk shares cratered in premarket trading on June 23, with losses of roughly 8.4% and 9% respectively, after South Korea’s stock market suffered one of its worst single-day selloffs of the year.
The KOSPI index fell close to 10%, dragged down by memory chip giants SK Hynix and Samsung Electronics, both of which dropped over 12%. Because those two companies collectively dominate global DRAM and NAND flash supply chains, the damage didn’t stay contained to Seoul.
What happened in South Korea, and why it matters here
Micron, the third major DRAM manufacturer globally, saw its shares fall approximately 8.4% to 8.5% in early premarket action. SanDisk, the Western Digital spinoff that has been one of the more remarkable stories of this AI cycle, dropped around 9%.
The broader semiconductor space didn’t escape either. The iShares Semiconductor ETF (SOXX) was down around 5.9% during early trading hours, while other chip names like AMD and Intel also posted losses.
