The decline in memory and storage stocks on Monday follows a sharp reversal in Korean chipmakers, with the KOSPI index falling 5% and Samsung Electronics sliding 8%. Morgan Stanley described the selloff as "largely technical" and a "leverage washout" after significant year-to-date gains. Despite the pullback, UBS initiated coverage of SK Hynix with a "Buy" rating and a $204 price target, while SK Group Chairman Chey Tae-won made his first personal purchase of SK Hynix shares, signaling a bullish outlook.