"Do We Need More Chips?" Doubts Trigger Plunge in Samsung Electronics and SK Hynix

[Anchor]

Yesterday (July 2), Samsung Electronics shares fell by more than 9%, while SK Hynix plummeted by nearly 15%. This sharp decline was sparked by news that Meta, a major company expected to purchase large quantities of semiconductors to power its data centers, appears to have already secured sufficient AI resources.

Reporter Min Gyeongho has the story.

[Reporter]

As semiconductor companies hit record highs day after day, a lingering question remained: "Will chips really sell as much as currently expected?"

Consequently, whether hyperscalers—the largest semiconductor buyers—might reduce their investments has become a matter of intense interest.

However, news emerged that Meta, one of these hyperscalers, plans to enter the cloud business by selling excess resources from its existing data centers to third parties.

This led to speculation that if Meta has enough AI resources to sell to others, it might not need to purchase more semiconductors.

The Philadelphia Semiconductor Index, which tracks 30 major semiconductor companies, fell by more than 6% early yesterday morning. The KOSPI also dropped sharply by 7.9% to close at 7,648, falling below the 8,000 mark.

Samsung Electronics shares fell by over 9%, and SK Hynix plummeted by 14.57%, marking its largest single-day decline in history.

Reports that Apple is pursuing contracts with Chinese semiconductor firms due to rising memory prices further dampened investor sentiment.

While the index has frequently experienced sharp drops recently due to theories that the semiconductor market has peaked, the prevailing view in the market is that it is still too early to conclude that the peak has passed.

[Interview: Han Ji-young, Investment Strategy Analyst at Kiwoom Securities]
"Investors were looking for an opportunity to take profits after the recent rally, and this news simply acted as a catalyst, background, and justification. I do not believe this is a fundamental negative factor."

Analysts point out that Meta's plan to resell AI resources was already mentioned back in May when semiconductor stocks were surging. Furthermore, factors confirming strong demand—such as rising memory prices, increased data center rental fees, and long-term semiconductor supply contracts confirmed in Micron's recent earnings report—remain in place.

In the immediate future, the key variables for the Korean market will be the preliminary earnings release from Samsung Electronics on the 7th and the upcoming developments regarding SK Hynix, which is currently navigating its global market strategy.

However, as high volatility is expected to continue, experts are warning investors to exercise caution against hasty trading.

(Filmed by Kim Se-kyung, Edited by Kim Jin-won)
※ Please note: This article was translated by AI and may contain errors.