SK Hynix shares have fallen 19.48% over the past month even after a record $26.5 billion Nasdaq listing, hit by an AI-sector selloff and a Q2 report that set profit records but still missed estimates. Wall Street's most bullish analyst still sees 162% upside from current levels, with the stock trading at just 5 times forward earnings.
SK Hynix trades at $135.29, down 19.48% over the past month even as Macquarie's Daniel Kim holds a Street-high price target of $355 on the stock. Wall Street sees a buying opportunity in the memory-chip maker's post-IPO slide. So far, the market disagrees.
A Post-IPO Skid Amplified by an AI Selloff
The stock has slid from a July 10 debut area of $168.01 to $135.29. The steepest leg came on August 6, when SK Hynix plunged 10% alongside a broader Wall Street AI selloff, then fell another 6% in premarket trading on August 7, triggering the limit-down mechanism in South Korea's Nextrade system.
Sector rotation, not company-specific weakness, drove the decline, as Asian tech names fell alongside U.S. semiconductor peers on renewed memory-pricing worries. Even so, the $26.5 billion ADR listing was oversubscribed more than seven times and debuted with a 13% pop before the reversal set in.
Record Earnings, but Not Record Enough
On July 29, SK Hynix reported Q2 2026 revenue of 79.32 trillion won with operating profit of 60.54 trillion won, and first-half revenue topped 100 trillion won for the first time in company history. Yet shares dropped roughly 10% in a single session because the record numbers still fell short of analyst estimates.
According to 24/7 Wall St.: "no fundamental indicators of weakness in the next 6-12 months" is how JPMorgan frames the selloff. Macquarie's Kim backs that view with his $355 target, implying about 162% upside from current levels, pointing to the company's near-monopoly position supplying HBM3 and HBM3E to Nvidia.
Consensus Still Points Well Above the Current Price
Beyond Macquarie's outlier call, consensus analyst targets suggest upside of 78% to 122% from current levels, with the most aggressive forecasts above $320. Analyst coverage tallied by 24/7 Wall St. shows 2 Strong Buys, 3 Buys and 1 Hold, with zero Sells.
Management is backing that conviction with capital: SK Hynix has committed $38.1 billion to new Yongin and Cheongju fabs, with first cleanrooms opening in 2028 and 2029. Mass shipments of HBM4 have already begun.
Risks remain on the other side of the ledger. Samsung and Micron are both investing to close the HBM gap, and US-China trade tensions and export controls on advanced chips add geopolitical uncertainty for a South Korean chipmaker selling into global markets. For now, the gap between the share price and Wall Street's targets is the story.
Sources: 24/7 Wall St., Crypto Briefing
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