Technology stocks were falling premarket Monday, with the State Street Technology Select Sector SPDR Fund (XLK) down 2.5% and the iShares Semiconductor ETF (SOXX) 5.6% lower.

SK hynix (SKHY) and Samsung Electronics rejected a 25 trillion won ($18.58 billion) advance payment proposal from the state-run Korea Electric Power to support power supplies for planned semiconductor mega clusters, multiple news outlets reported, citing a document submitted to a lawmaker. SK hynix stock was down more than 7% pre-bell.