SK Hynix Shares Plunge Most on Record in Deepening Korea Selloff

Summary

Bloomberg Intelligence Podcast Summary

Episode: SK Hynix Shares Plunge Most on Record in Deepening Korea Selloff
Date: July 13, 2026
Hosts: Paul Sweeney, Scarlet Fu
Featured Guests: Mandeep Singh (BI Tech Research Head), Talon Basin (Tech Litigation Analyst), Ryan Fisher (EV Charging Team Leader, Bloomberg BNEF)

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Main Theme

This episode explores the dramatic plunge in SK Hynix shares amid broader volatility in Korea’s markets, places the move in the context of the global AI infrastructure buildout, and examines related issues in tech chips and investments. It also analyzes Apple’s trade secrets lawsuit against OpenAI and discusses the evolving landscape for EV charging networks in Europe and the US.

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Key Discussion Points and Insights

1. SK Hynix and Korea’s Market Turbulence

(01:39–06:57)

Background

• SK Hynix had a volatile US listing, with its shares plunging by up to 15% in Korea and down about 9% by the day’s close.
• The move is seen as part of a broader selloff in Korea’s market.

Analysis

• Mandeep Singh:

  • Short-term volatility is expected as the market tries to assess the next stage of the AI infrastructure buildout.
  • The real focus is on capex (capital expenditure) numbers from hyperscalers (big cloud/AI firms) for 2027-2028.
  • “The day to day volatility will be there and we are kind of going through a phase where everyone is trying to figure out the next leg of this AI infrastructure build out...” (02:05)
  • Despite the cyclical fears and profit-taking, long-term investors believe memory-chip names like SK Hynix are in a multi-year AI-driven cycle.

• Leadership from Korea?

  • Paul Sweeney: Raises the question of whether Korea’s market sets the global tone (03:09).
  • Mandeep Singh: Downplays this: “For me it’s just another data point … the hyperscale capex guide is one of them.” (03:27)

• Impending Results

  • Upcoming reports from hyperscalers (end of month) will clarify future capex plans.
  • TSMC growth is very strong (40% y/y), with major investments needed just to keep up with AI infrastructure needs, even while supply is rising 15–20% a year.
  • “...the SK Hynix chairman said is we will double our supply through 2030 at a CAGR of 15% but we’ll still be undersupplied.” (04:51)

Notable Quote

“Everyone buys into this thesis that you have to keep investing to keep raising their capex just to increase the supply by 15–20% and even that would not be sufficient.”
— Mandeep Singh (04:36)

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2. AI Infrastructure & Hyperscaler Capex

(05:46–06:57)

• Paul Sweeney: Wonders whether big tech firms will maintain massive capex, and if markets still want to see those numbers.
• Mandeep Singh:
  • Markets want to see both capex increases and related revenue lifts, specifically directly attributable to AI.
  • “Cloud growth, for example, has surpassed 50%. That additional 25% plus growth is coming from AI.”
• It’s crucial for Meta, Google, Microsoft, etc., to show not just spending, but revenue attribution from AI for continued investor support.

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3. Apple vs. OpenAI Lawsuit: Trade Secrets Battle

(09:28–14:54)

Context

• Apple is suing OpenAI for alleged acquisition and misuse of proprietary knowledge, following OpenAI’s $6.5bn purchase of IO (a firm started by former Apple execs).

Legal Risks and Timeline

• Talon Basin:
  • “This is a intellectual property case and specifically it's on trade secrets. Trade secrets are sort of the most cloak and dagger form of intellectual property disputes.” (09:53)
  • Apple is asking for a preliminary injunction to shield its trade secrets; an early ruling may arrive as soon as 3Q or 4Q 2026.
  • Cites high-stakes tech cases—e.g., Waymo vs. Uber—that resulted in criminal liability, suggesting stakes are high for named defendants, though there’s no criminal charge yet here.
  • Potential chilling effect on OpenAI’s ability to recruit top tech talent.

Notable Quote

“The stakes can be pretty high ... there might be a dampening impact on how much poaching we're seeing in the industry.”
— Talon Basin (12:39, 14:28)

Non-Compete Policies

• In finance, ‘garden leave’ periods are common; in tech, these are rare due to the industry’s pace. Tech firms have generally resisted such sidelining moves (13:51).

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4. EV Charging Network Consolidation in Europe and the US

(18:00–23:15)

European Consolidation

• Significant mergers and acquisitions (M&A) underway as larger, well-funded players absorb struggling smaller networks.
• Example: Recent merger of MER and Evini makes them the largest provider in Scandinavia, with growing German assets.

Utilization and Business Models

• Rapid charger buildout has led to underutilization concerns.
• Network value now tied to features: fast chargers, land ownership, grid connection, and potential for expansion.

Comparison with the US

• US market is dominated by Tesla, but its charging technology lags for new high-voltage EV platforms (e.g., BMWs).
• “If you're buying one of these fancy EVs in the US ... you can't actually turn up at the Tesla site and get the advertised charging power that they were saying.” (20:40)
• In Europe, oil majors (BP, Shell, Total) are active but face heavy competition from supermarkets offering cheaper charging (e.g., Sainsbury sites in the UK).

Notable Quote

“These oil and gas majors have got a lot of competition and the competition, like the supermarket, is offering quite cheap charging as well. It’s a big, big threat, I would say, for some of those, even if they are still involved.”
— Ryan Fisher (22:39)

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Notable Quotes & Memorable Moments

• Multi-year AI Chip Cycle:
  “Long term investors do think this is a multi-year cycle for memory names and even though they are cyclical and there is a fear around peak earnings, ... everyone buys into this multi-year build out for AI.”
  — Mandeep Singh (02:44)

• Trade Secrets Stakes:
  “Courts are, you know, it's so difficult to pull those trade secrets out of a product if it goes to market. So I think now no products have shipped yet ... Apple is going to have a fairly strong chance to get that temporary preliminary injunction.”
  — Talon Basin (11:55)

• EV Charging Competition:
  “The competition ... is offering quite cheap charging as well. It's a big, big threat, I would say, for some of those, even if they are still involved.”
  — Ryan Fisher (22:39)

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Timestamps for Important Segments

• SK Hynix and AI Capex Cycles: 01:39–06:57
• Apple v. OpenAI Litigation: 09:28–14:54
• EV Charging Market Consolidation: 18:00–23:15

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Tone and Takeaways

• The hosts maintain an analytical, data-driven tone, probing their expert guests for actionable market and industry insights.
• The episode ties together market volatility, sweeping AI-driven investment, tech legal risks, and EV infrastructure’s rapid evolution.

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For Listeners

This episode is essential for investors tracking semiconductors, AI infrastructure, tech sector legal battles, or the transition to electric vehicles, offering expert insights into the drivers, risks, and opportunities shaping these high-stakes markets.

Transcript

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[Paul Sweeney (Bloomberg Intelligence Host)]

Switch gears to technology. Why not? Mandeep Singh joins us here, global head of tech research for Bloomberg Intelligence. Lots of ways to go here, Mandeep. Let's start with SK Hynix. What did you make of their US listing on Friday and maybe how the stock's trading off today? You know, 5% been in, traded off pretty I think was it 15% in

[Paul Sweeney (Interviewer)]

Korea and the cost down about 9% on the day.

[Paul Sweeney (Bloomberg Intelligence Host)]

What do you make of all that?

[Mandeep Singh (Bloomberg Intelligence Tech Research Head)]

I mean I think the day to day volatility will be there and we are kind of going through a phase where everyone is trying to figure out the next leg of this AI infrastructure build out and how the companies would be reporting, especially the hyperscalers. I mean at the end of the day everything comes down to the CapEx numbers for 2027 and 2028 and we'll learn about that when they report earnings, the hyperscalers. And you know there is some profit taking right now, but overall I thought the IPO was well received in terms of, you know, the first day bump that we saw in terms of a close and everyone, the long term investors do think this is a multi year cycle for memory names and even though they are cyclical and there is a fear around peak earnings, I think on the whole everyone buys into this multi year build out for AI.

[Paul Sweeney (Interviewer)]

It feels increasingly like everyone's taking their cue from the Cosby, from what happens in Korea and that the tail is wagging the dog here. Is that the case, Mandeep? I mean when you come in, in the morning, do you look at what's happening in Korea and say, okay, now I have a better picture of what's going to happen globally? Because that sets the tone every.

[Mandeep Singh (Bloomberg Intelligence Tech Research Head)]

No, I mean for me it's just another data point where yeah, I look at the futures, I look at how the markets have reacted, but at the end of the day there are some data points that weigh a lot more for me and the hyperscale capex guide is one of them. And if I know that all these companies are raising their capex for next year and we are into a third year of a 70% increase in capex and if next year is going to be another 50% then there is not much to worry about, at least for the next 12 to 18 months.

[Paul Sweeney (Interviewer)]

Okay, it looks like some of those hyperscalers really don't report earnings until the end of this month. Tomorrow we're going to get the big banks reporting. We're also going to hear from TSMC and asml, two big, big chip names globally. How do you see that kind of filling the vacuum between now and when the hyperscalers do report and give us a better picture of their capex plans for 2027 and beyond?

[Mandeep Singh (Bloomberg Intelligence Tech Research Head)]

Yeah, I mean TSMC reported their monthly today and you know, we are easily tracking over a 40% increase year over year and the seasonality was better than expected. So when you look at TSMC's results, which hasn't really used their pricing power like the memory guys have. So in the case of Memory Top line, you see a lot of pricing growth. TSMC on the other hand has been a lot more balanced in terms of volume versus pricing. And it's just a question like the durability of TSMC's growth, ASML's growth and all of these memory guys, whether it's SK, Hynix or Micron, have talked about raising their own capex. So that means ASML is a beneficiary of memory capex. And right now everyone buys into this thesis that you have to keep investing to keep raising their capex just to increase the supply by 15 20% and even that would not be sufficient. That's what the SK Hynix chairman said is we will double our supply through 2030 at a CAGR of 15% but we'll still be undersupplied. So the demand growth will outpace 15 to 20% supply growth that these companies are investing in.

[Paul Sweeney (Bloomberg Intelligence Host)]

Okay, again the numbers just blow me away dude. But I'm going to take what you're seeing face value. If I'm a Meta or Google or Amazon, what do I do? I want to put up a big capex forecast or not? Where are we in that play there? Does the market want to see these guys keep spending or we kind of passed that?

[Mandeep Singh (Bloomberg Intelligence Tech Research Head)]

I think the market wants to see them spending at the same time show some revenue lift to their top line. So in the case of Meta and Microsoft and Google, they want to see that cloud business get a bump, the core ads business get a bump from AI and the AI contribution has to be very clear. So like Google, cloud growth for example has surpassed 50% now expectations why they were growing. Traditionally cloud was growing 20 to 25%. That additional 25% plus growth is coming from AI. So similarly you want to see that reflected in all the hyperscalers that are reporting that this is the AI portion and hence we are raising our CapEx and I think the market will cheer for that.

[Paul Sweeney (Interviewer)]

Stay with us. More from Bloomberg Intelligence coming up after this.

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[Bloomberg Intelligence Host]

You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.

[Paul Sweeney (Bloomberg Intelligence Host)]

Right now we want to talk about Apple. They're in the courts fighting open AI regarding intellectual property. It's, I don't know, it's legal stuff folks, but let's get to an expert because I'm not really sure what's going on here. Talent Basin joins us here, tech litigation analyst for Bloomberg Intelligence. He's based in London. Talon, summarize what's going on here with OpenAI and our good friends at Apple.

[Talon Basin (Tech Litigation Analyst, Bloomberg Intelligence)]

Yeah, sure, Paul. Yeah. So this is a intellectual property case and specifically it's on trade secrets. Trade secrets are sort of the most cloak and dagger form of intellectual property disputes. And sort of reading the complaint over the weekend, that's, you know, there's no exception here. So Apple is accusing OpenAI of a coordinated orchestrated attempt to gain some of its proprietary know how relating to making devices or the next iteration of AI rollouts. So this started about a year and a half ago when OpenAI spent about $6.5 billion to acquire a company called IO. This had been founded by some former Apple executives. One of those executives, now the head of software development at OpenAI. And what this lawsuit lays out is various stages where even engineers at Apple were recruited, were asked to bring Apple devices to OpenAI interviews and to share proprietary information. So what Apple is doing is they have sued, they want an injunction. They want to put a stop to what they see as an attempt to shortcut OpenAI's attempt to shortcut its way into devices.

[Paul Sweeney (Interviewer)]

Okay. So lawsuits typically take a long time to get resolved. And of course technology and technological change happens very, very quickly. What are you thinking about in terms of timeline for any kind of landmark, not even decisions, but landmark events in this lawsuit to affect the technology that both sides are working on?

[Talon Basin (Tech Litigation Analyst, Bloomberg Intelligence)]

Yeah, and that's an excellent point. These cases long, often do have long tails to them. However, I think what we're expecting over the next two, two to three weeks is Apple to file up, follow up with a request for a preliminary injunction. Really what it's going to ask the court to do is put some guardrails around what it says are its trade secrets, preservations of evidence. So it's going to be probably looking for something in 3Q if not in 4Q for an early ruling on that preliminary injunction request. And we do think Apple has a pretty strong argument here. Courts are, you know, it's so difficult to pull those trade secrets out of a product if it goes to market. So I think now no products have shipped yet. I think Apple is going to have a fairly strong chance to get that temporary preliminary injunction probably in the next few months. After that we're going to have to see, you know, there's potentially going to be settlement talks as they go forward. But I do think Apple's eyes right now are on getting some near term relief in this.

[Paul Sweeney (Interviewer)]

How do you think about the employees that have left Apple and gone over to OpenAI? What kind of risks do they face now?

[Talon Basin (Tech Litigation Analyst, Bloomberg Intelligence)]

Yeah, a few of them have been named in this lawsuit and for those named defendants, the risks are very high. So we, we've seen these litigations play out. Some other high stakes instances are Waymo, which is Google self driving car division. About five years ago it sued Uber over sort of self driving car technology. The executive there ended up going to jail. This was somebody who left Waymo, went to Uber. So the stakes can be pretty high right now. There is no criminal component to this case however, for trade secrets disputes that can sort of escalate quickly. So I think, I think everybody is going to be a little bit on edge. And it's also interesting because there's such a talent war right now, not just between these companies, for, for all companies trying to gain as much AI talent as possible. So I think we're going to have to see if this has sort of a dampening impact on how much poaching we're seeing in the industry.

[Paul Sweeney (Bloomberg Intelligence Host)]

On Wall street there's something called garden leave. When you leave one firm for another, you can't go start work at that new firm for at least six months, sometimes longer, to try to preserve some of the corporate intellectual property from the firm you're leaving. Is there anything like that in technology?

[Talon Basin (Tech Litigation Analyst, Bloomberg Intelligence)]

Technology is generally pushed back on that just because sort of again, as Scarlett pointed out, a lot of the development in this is so fast paced that having an executive, having a star engineer sort of sit sidelines for six months can be really a disadvantage. So sort of we've seen across the entire tech space is resistance to that sort of garden leaf type scenario. We'll see if going forward, if firms are more open to implementing that, but so far we've seen a lot of reluctance.

[Paul Sweeney (Interviewer)]

What does this mean for OpenAI's ability to recruit, you know, tech folks from other firms in Silicon Valley?

[Talon Basin (Tech Litigation Analyst, Bloomberg Intelligence)]

Yeah, I do think it's it's a bit of a reputational risk right now. I think until there's more clarity on what's going to happen with this lawsuit. And again, this is this is not the first time OpenAI has been sued, so I think there's been a lot of litigation that's attached to it. So I think it probably does over the near term, until there's more clarity, it probably does put a bit of a dampening impact on its ability to go out there and recruit some of some of the biggest names that it may want.

[Paul Sweeney (Interviewer)]

Stay with us. More from Bloomberg Intelligence coming up after this.

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[Paul Sweeney (Bloomberg Intelligence Host)]

When you think about the charging the EV business, I think of it as still an industry that's in its infancy, still growing, trying to add capacity. So when I read this kind of surprised me. There has been an increasing number of charging network acquisitions in Europe. Again, I wasn't expecting to see that from this industry at this stage of its life cycle. Ryan Fisher, EV Charging Team Leader for Bloomberg bnef, joins us from London. So Ryan, we're seeing some consolidation in Europe of the charging business. What's going on there?

[Ryan Fisher (EV Charging Team Leader, Bloomberg BNEF)]

Yeah, so thanks Paul. What we've started to see is a numerous amount of acquisitions that you've kind of got well funded players and then you've got a lot of small, smaller businesses who are trying to stay afloat and they're starting to be acquired. You've also seen some mergers. There's a merger just happened last week between a couple of the biggest providers, MER and evini in largely Scandinavia, but they've got some German assets, I think, that are also going to be transferred in that deal, which makes them the biggest company. So more and more of them thinking about scale as an opportunity. And obviously you said kind of a surprise, maybe difference between what you're seeing in Europe and what you're seeing in the US within these markets as well.

[Paul Sweeney (Bloomberg Intelligence Host)]

So give us a sense of kind of where the charging network in Europe, I don't know if you can call it Europe writ large or if it's country by country, but again, I would say here in the us, I mean, just barely a blip on the screen. Talk to us about in your world over in Europe.

[Ryan Fisher (EV Charging Team Leader, Bloomberg BNEF)]

Yeah. So there's hundreds of thousands these things been installed and often the question is like, oh, I can't buy any, there's no chargers. Well, actually, they've been installed at such a pace that utilization has been a bit of a problem for some of these companies. And then the revenues, because there's just so many charges for people to choose. So then it becomes like, if you're buying a network, like what's actually considered a good network, and some of them have more charges at the site, some of them have these really fast power charges, and that makes a big difference to, like, whether you want to buy it as well as fundamentally, do they actually own the land and what's the right to expand? And have you got good grid connections? And all of this is coming into play when somebody's fundamentally assessing do I want to buy this company or not. When you think about the us, it's just so heavily dominated by Tesla. And I think then you've also got all of the policy environment which has affected people's confidence to roll things out. They've got rid of the Navy grants, obviously, they've got rid of the grants for the actual buying of the vehicles as well. But we are seeing pockets of companies raising money and rolling out and having a bit more interest in preparation for what obviously is a growing fleet. Like, sales might be consistent, but the actual fleet of electric vehicles is therefore still growing and it's somewhat monopolistic. I alluded to a point about Tesla and I'll just remake that one. So, on market share, they own a big portion of the market. You want to go to a fast charger, you're probably going to turn up a Tesla in the us, but weirdly, that actually is having some consequences for the market because a lot of the cars are changing to new 800 volt platforms, and this means that you can get super fast charging rates that can, can like get you like five, 10 minutes and you're on the move. Whereas the Tesla chargers don't, don't have that higher voltage availability. They sort of announced it with these V4 kind of boxes, but actually they've only installed like 10 sites with them. So in a weird way, if you're buying one of these fancy EVs in the US, the, the kind of new platforms, the BMWs and things like that, you can't actually turn up at the Tesla site and get the, the advertised charging power that they were saying. So Tesla has been the leader, but in some ways having such market share and not having the latest technology is a bit of a problem.

[Paul Sweeney (Bloomberg Intelligence Host)]

Yeah, I mean, there's one of many here in the us, as you were mentioning here, but how about in Europe? I've heard that, or I've seen that some of the fuel distribution centers, the gas stations, the bps, the shells of the world, how are they adapting to EVs and charging?

[Ryan Fisher (EV Charging Team Leader, Bloomberg BNEF)]

Yeah, they were both pretty big as they were in everything energy transition. And I'd say they pulled back. You've seen that across all energy transition things for many of these oil majors. I'd say they still have activities though. Total is doing a lot in the energy transition at large, but also pretty, pretty active, the same as BP and Shell and they're more focused on forecourts. But these companies have quite a big set of offerings for people in the fleet sector, so they want to keep that. So you can, I don't know, fill up your company's vehicles with petrol and diesel, but you can fill them up with electricity as well. So they've been involved in the sector pretty heavily, but it can be a little bit difficult. Quite a lot of sites might be franchised across the network, so how do you convert them? And then fundamentally there's just quite a lot of competition. Before you could only fill up your vehicle at a fuel station. Now you can fill up your vehicle if you've got an electric one at home. So that cuts the market. Then you've got all of these supermarkets and stuff coming in. So in the us, I think Walmart has rolled out pretty heavily. A good example in the UK is Sains, which is a pretty big supermarket over here. And what they've managed to do is say, okay, something like 25% of EVs that turn up are now actually charging on the Sainsbury sites and they offer pretty cheap charging. So these oil and gas majors have got a lot of competition and the competition, like the supermarket, is offering quite cheap charging as well. It's a big, big threat, I would say, for some of those, even if they are still involved.

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