SK Hynix follows SpaceX's plunge into the red

SK Hynix (SKHY.O) American Depositary Receipts (ADRs) fell to a new low since its listing on Monday, according to a report by Gelonghui. The stock, which was listed on the US stock market earlier this month with a fundraising size of $26.5 billion, has seen a significant decline in its stock price as investors continue to withdraw from the high-valuation semiconductor sector. During the trading day, it once plunged 10% to $139.01, far below its issuance price of $149, and finally closed at $143.02. To date, SK Hynix, along with stocks like SpaceX, has become one of the first companies in the largest IPOs of the year in the US stock market to fall below its issuance price. The semiconductor sector as a whole is under pressure, and the closely watched semiconductor index continues its recent decline, closing at its lowest level since May 19. Meanwhile, the cost of default protection for Nvidia's (NVDA.O) corporate bonds has risen, as new rounds of AI infrastructure deals could exceed $750 billion.