Shares of SK hynix (SKHY) tumbled 5.02% over the past 24 hours, as the memory chip maker's second-quarter earnings fell short of elevated market expectations, while a punishing selloff in semiconductor stocks further dampened investor sentiment.

SK hynix reported record quarterly revenue of 79.3 trillion won and a 557% surge in operating profit to 60.5 trillion won, driven by robust AI-related demand for high-bandwidth memory (HBM). However, both top- and bottom-line figures missed consensus estimates, with analysts having forecast revenue of about 84 trillion won and operating profit of roughly 64.2 trillion won. The miss was attributed to a weaker product mix and a slower pace of memory price increases compared to the prior quarter, raising concerns over the sustainability of the stock's lofty valuation.

The decline also came amid a broader rout in chip stocks, as doubts intensified over the return on massive AI infrastructure investments. The Philadelphia Semiconductor Index fell sharply, and memory peers such as Micron Technology and SanDisk slumped, reflecting a swift rotation out of the semiconductor sector that has dominated the market's AI trade. SK hynix's ADR, which recently listed in the U.S., was caught in the downdraft, even as the company reaffirmed its long-term demand outlook and highlighted progress in HBM4 mass production.