24H | Chip, Storage Shares Fall. SK Hynix Drops over 5%; SOXL Down 4%; SanDisk, Western Digital, ARM Down Around 3%; Micron Down Abput 2%

Tiger Newspress09:37

Chip, storage shares continued to fall in overnight trading. SK Hynix fell over 5%; SOXL down 4%; SanDisk, Western Digital, ARM down around 3%; Seagate Tech, Micron down abput 2%.

AST SpaceMobile shares fell 12% in overnight trading after the company said it intends to offer $1 billion of convertible senior notes due 2034 in a private offering to qualified institutional buyers.

AST SpaceMobile said the notes will be senior, unsecured obligations that accrue interest payable semiannually and mature on Feb. 1, 2034, unless earlier converted or repurchased. The interest rate, initial conversion rate and other terms will be set at pricing. Initial purchasers will have a 13-day option to buy up to an additional $150 million of notes.

The company said it intends to use a portion of the net proceeds to pay the cost of capped call transactions that are expected to reduce potential dilution and/or offset cash payments above principal upon conversion, subject to a cap. The remaining net proceeds are intended to support growth initiatives and secure additional access to orbit for its space based cellular broadband network.

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Comments

  • Guavaxf3006
    09:41
    Guavaxf3006
    Looks like the AI funk will last a litttle longer. But it will be back. Just have to hang on.
  • Guavaxf3006
    09:19
    Guavaxf3006
    Looks like this AI/Semi-con funk is goong to take longer to play out. One day rally follow d by deeper dive the next day.  But this can be expected. After all the rally was over almost 2 years. Some correction may be healthy. Perhaps the funk will last another month or so?
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