CoinDesk news: SK hynix (SKHY.O) American Depositary Receipts (ADRs) hit a new low since listing on Monday, plunging as much as 10% to $139.01 during the session before closing at $143.02, far below the $149 offering price. The stock debuted on the U.S. market earlier this month with a fundraising size of $26.5 billion. As investors continued to pull out of the overvalued semiconductor sector, the share price fell sharply. By this point, SK hynix, along with individual stocks such as SpaceX, has become one of the first companies among this year’s largest IPOs in the U.S. market to trade below the offering price. With the semiconductor sector under overall pressure, the semiconductor index extended its recent downtrend and closed at the lowest level since May 19. Meanwhile, the cost of default protection for corporate bonds issued by Nvidia (NVDA.O) rose, as the value of the next round of AI infrastructure deals may exceed $750 billion.