SK Square [402340] fell more than 5% in early trading on the 25th, approaching the 1 million won level. With the U.S. New York stock market closing mixed overnight, semiconductor stocks including Nvidia slid sharply, weighing on domestic semiconductor investment sentiment.

■ Two Consecutive Days of Weakness... 1 Million Won Level Within Reach During Trading

As of the morning of the 25th, SK Square was trading at 1,017,500 won, down 58,500 won (5.44%) from the previous session. As it neared the 1 million won level intraday, volatility expanded. The previous day it closed down 5.08% at 1,076,000 won, marking two straight days of weakness.

■ Nasdaq Falls 0.76%... Nvidia and Other Semiconductor Stocks Decline Together

On the 24th (local time), the three major U.S. indices ended mixed on the New York stock market. The Dow Jones Industrial Average rose 0.26%, while the S&P 500 fell 0.28% and the Nasdaq Composite closed down 0.76%. Tech and semiconductor stocks posted relatively large declines. Nvidia dropped 2.9%, and major semiconductor stocks such as Micron and Broadcom also weakened. Caution ahead of Nvidia's earnings release and valuation burdens on AI-related stocks pressured tech investment sentiment.

■ Key Variable Is SK Hynix... 'Overwhelming' Impact on NAV

A factor that cannot be overlooked in SK Square's share price movement is SK Hynix. SK Square holds SK Hynix as a core investment asset, so changes in SK Hynix's enterprise value have a significant impact on its net asset value (NAV). In fact, in the 2026 NAV data disclosed by SK Square, SK Hynix accounts for an overwhelming proportion of total net asset value.

Accordingly, SK Square's weakness today should be examined not only through changes in the individual company's fundamentals, but also in the context of the recent expansion of volatility across semiconductor and AI-related stocks. In particular, SK Hynix's share price trend and global semiconductor investment sentiment are key variables that can move SK Square's short-term stock price.

■ Medium- to Long-Term Keys: Enterprise Value, Shareholder Returns, and Discount Rate

Over the medium to long term, the key issues are SK Hynix's enterprise value, SK Square's shareholder return policy, and changes in the stock's discount relative to its holdings. SK Hynix recently announced plans to return more than 50% of its cumulative free cash flow (FCF) for 2025–2027 to shareholders, alongside a large-scale share buyback and cancellation.

However, stocks that have risen sharply in a short period may see losses widen as profit-taking volume emerges, even if positive outlooks on their enterprise value persist. Conversely, it is also difficult to conclude that a stock will immediately rebound simply because it has plunged.

[This article was written with AI assistance. It is intended for informational purposes only and does not recommend buying or selling any specific stock. Volatility can be high, and changes in margin requirements do not imply a stock price increase, so investment decisions and responsibilities rest with the investor.]