SK Hynix's stock price recorded the biggest drop on record in Seoul on Monday. The memory chip maker's previous listing in the US attracted much attention. This is the latest sign of increased volatility in the country's stock market after the AI boom pushed Korean stocks to surpass their global peers by a large margin. SK Hynix's stock price plummeted by more than 15% on the Korea Exchange to its lowest level in more than two months, while Samsung Electronics in the same industry fell nearly 11%. The two dragged down the benchmark Kospi Index by 9%, triggering the 7th fusing mechanism this year. Previously, the company's American Depositary Receipts surged 13% last Friday, and the amount of equity financing was the highest among foreign companies going public in the US. Chan H Lee, managing partner of Seoul-based hedge fund Petra Capital Management, said that the company's ADR listing was very successful, but the market already reflected most of the profits. The weakening of stock prices on Monday seemed more like a typical “run out of profit” reaction and the settlement of investors' profits rather than changes in fundamentals.

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