SK Hynix Drops 5% After Approving $38B in New Memory Fabs; Seagate Falls 7%, Micron Barely Dips

SK Hynix dropped 5% after its board approved a $38 billion investment for two new memory fabs, aiming to meet AI-driven demand and address a potential severe memory shortage by 2027. Seagate Technology also fell 7%, largely due to profit-taking after a significant year-to-date gain, while Micron Technology and SanDisk saw more modest dips, demonstrating an uneven sector pullback. The Roundhill Memory ETF, heavily concentrated in Samsung, SK Hynix, and Micron, also declined.