South Korean stock index plunges 5%, SK Hynix extends intraday decline to 7%.

BlockBeats news, October 13: According to Bitget data, South Korean stock indices plunged 5%, SK Hynix's intraday decline widened to 7%, and Samsung Electronics fell 5.89%. Samsung Electronics and SK Hynix shares extended their recent sell-off, with market concerns intensifying over Chinese competitors and the overextended rally in AI stocks. On October 13, both companies' shares fell more than 5%, set for a fifth consecutive trading day of declines, dragging the Kospi down 5%. U.S. chip stocks also fell overnight, with memory chip maker Micron Technology dropping 3.9%.

On the news front, China's ChangXin Memory Technologies (CXMT) has made progress on a new type of memory architecture, which Samsung Electronics and SK Hynix are also developing. In addition, Broadcom's CEO's remarks that AI stock investment has gambling-like characteristics further exacerbated market concerns.

Ha SeokKeun, Chief Investment Officer at Eugene Asset Management, said: "The market is uncertain whether this upcycle can last until 2028 and beyond, which seems to be weighing on the valuations and stock prices of South Korean chipmakers."