HBM Beneficiary Semiconductor Equipment Stocks Lose 1.2 Trillion Won in a Day

FormFactor Inc. (NASDAQ: FORM) shares plunged 8.72% to $143 on the Nasdaq on the 23rd, cutting its market capitalization to about $11.1 billion (roughly KRW 15 trillion). In a single day, the company lost approximately $890 million in market value, equivalent to around KRW 1.2 trillion.

In its fiscal 2026 first-quarter results announced at the end of April, FormFactor reported revenue of $226.1 million, up 32% year-over-year—its highest quarterly revenue on record—alongside strong margins. The company also guided for continued revenue and profitability growth in the second quarter. Nevertheless, the sharp share-price decline on that day is viewed less as a company-specific issue and more as part of a broader semiconductor sector correction driven by concerns over elevated valuations in global chip and AI stocks.

Headquartered in Livermore, California, FormFactor specializes in semiconductor wafer probe cards and test equipment, supplying test solutions used during memory, foundry, and logic chip production. Fueled by rising demand for high-bandwidth memory (HBM) and networking chips, the company’s performance has improved markedly over recent quarters, positioning it as a key beneficiary of AI server investments.