Changes in US stocks | The storage sector opened and fell by more than 7% the day after SKHY.US (SKHY.US) was listed

The Zhitong Finance App learned that on Monday, the storage sector generally declined. SK Hynix (SKHY.US) fell more than 7% the day after listing and surged 12% on the first day; SanDisk (SNDK.US), Micron Technology (MU.US), Western Digital (WDC.US), and Seagate (STX.US) fell more than 6%. According to the news, the stock price of South Korean memory chip giant SK Hynix plummeted by more than 15% today, dragging down the South Korean stock market to another collapse, and leading to the collapse of Asian storage stocks. A report issued by Korea Investment Securities (KIS), a local Korean brokerage firm, was seen as the trigger for SK Hynix's stock price to plummet. In its latest report, KIS predicts that SK Hynix's operating profit for the second quarter of this year will be slightly lower than market expectations.

Although KIS's forecast for SK Hynix's second-quarter results is quite impressive, the bank's operating profit forecast is about 8% lower than the market consensus forecast of 65 trillion won. This has inflamed investors' concerns. KIS explained in the report that since SK Hynix's HBM's share of revenue was higher than that of competitors, the increase in average selling price (ASP) was lower than the market average. The reason behind this is that HBM usually locks in prices with long-term supply agreements, so there will be no significant changes in the short term according to market prices. In contrast, when the overall price of the market rises, the average sales price of traditional DRAM and NAND products increases even more.