SK Hynix Drops 5.1% as Solidigm Listing Talk Collides With a Global Tech Retreat
Published on 09/28/2026 at 16:20 | Editorial boerse-global.de
A double-barreled wave of selling hit SK Hynix on the Seoul exchange, dragging the memory maker's shares down 5.1% to close at KRW 1,768,000.00. The retreat stemmed from two distinct forces: a broad global technology selloff and mounting investor unease over a potential US stock market debut for the company's subsidiary Solidigm.
The macro headwinds were substantial. Long-dated US Treasury yields have climbed sharply, while delays at Oracle's data center expansion projects and reports of a training pause at AI developer OpenAI rattled bourses worldwide. Those crosscurrents alone might have been enough to pressure memory stocks, but company-specific news added another layer of caution.
A $150 Billion Question Mark
At the center of the market debate sits Solidigm, the NAND and SSD business SK Hynix absorbed through its roughly $9 billion acquisition of Intel's memory division, agreed in 2020. Reuters reported that the company has held preliminary talks with investment banks to select underwriters for a possible US listing, with 2027 as the earliest window. Early market estimates floated a valuation of up to $150 billion against a deal size of approximately $15 billion. Bloomberg, meanwhile, mentioned a potential valuation of up to $100 billion.
SK Hynix responded by saying it is reviewing various options for Solidigm's development but stressed that no concrete decisions have been made. For the company, a US listing would open a path to raising substantial capital for future manufacturing capacity on American soil. Reuters also reported that Solidigm is weighing construction of a NAND flash plant in the US, with New York State emerging as the leading candidate location. Again, the company emphasized that options are under review without any firm decision.
Investors, however, are not uniformly enthusiastic. A listing could dilute future earnings streams and add yet another layer to the already multi-tiered structure within the SK Group, which traditionally trades at a discount for holding and intermediate companies on the home market. Concerns about the consequences of a potential dual listing for minority shareholder interests have also circulated.
Should investors sell immediately? Or is it worth buying SK Hynix?
Intel Talks and a Labor Deal
The US strategy gained further texture mid-month when reports surfaced of exploratory talks with Intel. Discussions reportedly covered memory chip production in the US, including the possibility of leasing space in Intel's planned Ohio fab or forming a joint venture with cloud service providers. No binding agreements exist, according to SK Hynix.
On the operational front, the company delivered clarity on September 16: the union representing South Korean production workers approved a revised collective bargaining agreement with 57.1% of the vote, lifting the cash portion of profit-sharing bonuses from 40% to 50%.
Analysts Split on What Comes Next
Opinions diverge sharply on where the stock heads from here. Wolfe Research reaffirmed its "Outperform" rating on Wednesday and raised its price target from $200 to $250, citing sustained price improvements in the memory market and the potential for shareholder returns from free cash flow.
BNK Investment & Securities took a more cautious stance on September 14, keeping its "Hold" rating with a target of KRW 1.48 million and warning that memory price growth and a stronger won could weigh on second-half results.
Daishin Securities, for its part, confirmed its buy recommendation with a target of KRW 3.2 million. Analyst Ryu Hyung-geun considers recent reservations surrounding high-performance HBM4 memory to be overstated and expects fourth-quarter 2026 DRAM sales volume to surpass current market expectations. The next HBM generation's share of total sales volume should cross the 50% threshold during 2027, he added.
AI Demand Still Underpins the Story
The broader demand picture remains supportive. Continued buildout of data centers for artificial intelligence applications is driving appetite for advanced enterprise SSDs and HBM memory modules. Despite today's correction, SK Hynix shares have gained 172% since the start of the year.
Upcoming earnings from US rival Micron should provide further clues in the coming days about real pricing dynamics and order flows from global cloud companies.
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