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Samsung loses $10B market value due to Apple order rumor

Samsung’s shares dipped more than 6 percent yesterday, erasing $10 billion from the manufacturer’s market value, due to a rumor that claimed Apple ordered large amounts of chips with rebounding Japanese chipmaker Elpida.

According to Reuters, Taiwan tech website DigiTimes reported that the Cupertino, Calif.-based Company requested huge orders for dynamic random access memory chips with Elpida’s Hiroshima, Japan plant. Unnamed industry sources said the order fastened about 50 percent of the factory’s total chip production.

Samsung is the world’s foremost DRAM manufacturer, but its shares subsequently fell 6.2-percent to around $1,100 USD after the piping hot rumor circulated the blogosphere. The abrupt plunge is the stock’s 9-week low and sharpest daily fall in almost four years. SK Hynix is the second-largest memory chipmaker after Samsung, and its shares closed at 9 percent, which is a 20-week low and steepest slump in nine months.

The DigiTimes report also claimed that United States-based Micron Technology is currently in acquisition talks with Elpida. The Japanese firm is allegedly attempting to restructure after a market and global competition-inspired bankruptcy protection.

Reuters quoted an analyst at Solomon Investment & Securities who said a consolidated Micron-Elpida is a definite threat to DRAM makers, and the recent rumor of a prodigious Apple order likely sparked the anxieties that caused Samsung and SK Hynix’s shares to downswing.

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