From mint · A Ksheerasagar · · 1m 30s
AI stocks under pressure
Micron and SK Hynix plunge as Chinese rival CXMT advances memory tech.
In brief
Micron and SK Hynix plunge as Chinese rival CXMT advances memory tech. Micron and SK Hynix shares dropped 6% and 4.4% on October 13 after Chinese rival CXMT reported progress in memory technology development. Originally reported by mint.
AI stocks under pressure
Micron and SK Hynix shares posted extended losses on October 13 as concerns over Chinese rival CXMT’s memory chip advances and the sustainability of the AI rally weighed on sentiment.
Micron drops 6%
Micron shares have dropped another 6% to an intraday low of $929, extending its losses for a second consecutive session.
SK Hynix crashes 4.4%
SK Hynix shares, which had fallen 4% in the previous session, crashed another 4.4%, hitting their lowest level since late August.
Other chipmakers gain
Meanwhile, other major chip stocks, including Nvidia, Broadcom, Advanced Micro Devices (AMD), Marvell Technology, and Intel, were trading modestly higher after Monday's crash.
CXMT advances memory tech
CXMT aims to introduce a new server memory product based on the architecture by the end of 2026, company president Cao Kanyu said at an industry event in Shanghai over the weekend.
AI valuation risks
The AI-led rally that propelled the Nasdaq to multiple record highs has also come under pressure as investor anxiety grows over its sustainability amid soaring valuations.
Asian markets drop
South Korea’s benchmark Kospi suffered a steeper decline, plunging more than 7% intraday and falling below the 6,000 mark before recovering some of its losses.
Nikkei 225 falls
Japan’s Nikkei 225 also dropped 1.8% to 67,777.52.
In short
Micron and SK Hynix shares dropped 6% and 4.4% on October 13 after Chinese rival CXMT reported progress in memory technology development.
