🔴 Everspin Technologies is trading 6.3% down today as SK Hynix results weigh on chip sector

Everspin Technologies is trading 6.3% down at $13.02 as weak SK Hynix earnings and rising competition concerns trigger a broad semiconductor selloff.

• The stock is sliding in tandem with the SOXX ETF, which is sharply lower following disappointing results from memory giant SK Hynix.
• Sentiment across memory and specialty chip names is under pressure due to increasing concerns regarding AI-chip competition from China.