SK Hynix -12%, KOSPI breaks 7000: HBM complex takes a hit

SK Hynix drops 12% in session, KOSPI falls below 7,000 points, circuit breaker activated - the 7th of the year. The physical constraint of AI is felt in the markets, but the memory capex story does not break for all that.

The fact

Session on July 13, 2026 in Seoul: the KOSPI falls below the 7000 point threshold for the first time in two months, SK Hynix - a global pillar of HBM - drops by 12%. The circuit breaker of the Korean market is activated, the 7th occurrence since the beginning of the year (source: ETNews, July 13).

Our analysis

Two signals to distinguish. Short term: a punctual correction on a locomotive stock of the memory complex, in an already fragile Korean market. Structural: the memory capex narrative (HBM, DRAM) that has carried SK Hynix, Nanya, Micron remains intact - Nanya has just announced a 2027 capex multiplied by four, Mitsubishi Estate is investing 9 bn $ in Japanese datacenters. Demand has not disappeared; the price, yes. A stock drop of -12% that activates a circuit breaker signals a revision of expectations, not a cycle reversal.

To watch

• The Q3 guidance of SK Hynix and Micron on the HBM3e/HBM4 mix.
• The behavior of Nanya (small float, sensitive to flows) after its capex announcement.
• The correlation between Korean correction sessions and US technology ETF flows - if it tightens, it's macro noise; if it disperses, it's a memory-specific sector signal.