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SK Hynix Nasdaq debut jumps as AI memory trade reaches U.S.

SK Hynix opened at $170 in its Nasdaq debut after a $26.5 billion ADR sale, giving U.S. investors easier access to the AI memory leader. The rally also tests whether stronger access can narrow the company’s valuation discount without ignoring memory-cycle risk.

Published about 9 hours ago
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SK Hynix (KRX: 000660) Launches $28 Billion US ADR Listing To Ride AI Memory Boom

SK Hynix Nasdaq debut jumps as AI memory trade reaches U.S.
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A new doorway into the AI memory boom

SK Hynix opened at $170 on Nasdaq on Friday, about 14% above its $149 American depositary receipt price, giving U.S. investors a direct way to buy one of the biggest winners from the AI memory shortage.ibtimes The South Korean chipmaker sold 177.9 million ADRs and raised $26.5 billion, a foreign-company U.S. listing record that topped Alibaba’s 2014 debut.247wallst The receipts initially trade under the temporary ticker SKHYV before moving to SKHY.ibtimes

Chairman Chey Tae-won called the U.S. debut “a dream come true” and said customers are still asking for more chips even after the company promised to double capacity within five years.ibtimes That demand is centered on high-bandwidth memory, the stacked DRAM used beside Nvidia-style AI accelerators, where SK Hynix has become the market leader.fxleaders

Access is the market story

The listing changes who can own the stock as much as it changes the balance sheet. Each ADR represents one-tenth of a Seoul-listed common share, allowing U.S. investors to buy dollar-traded exposure through ordinary brokerage and custody systems rather than Korean market accounts.cnbc Schaeffer’s said the debut was already affecting trading before the bell, with Micron and Lam Research under pressure while South Korea’s Kospi rose as investors tracked the listing.[0]

The company is expected to use the proceeds for capacity, including advanced fabs, packaging and equipment tied to AI memory expansion.weex +1 CNBC reported that SK Hynix’s planned buildout includes a $4 billion advanced-packaging plant in Indiana and a much larger chip-fab cluster in Yongin, South Korea.ibtimes

The rerating bet still has a cycle risk

Investors are also testing whether a Nasdaq line can narrow the valuation gap often attached to Korean equities. CNBC cited LSEG data showing SK Hynix at 4.8 times forward earnings, below Micron’s 6.6 times and far below the industry median, while analysts said easier U.S. access could help narrow the “Korea discount” without eliminating it.barrons

The bull case is that AI infrastructure keeps memory tight. TradingKey cited Counterpoint Research estimates giving SK Hynix 58% of the high-bandwidth-memory market in the first quarter, ahead of Micron and Samsung.weex The bear case is the familiar one for memory stocks: if new supply arrives in 2027 and 2028, pricing power can fade quickly, turning today’s scarcity premium into the next cycle’s earnings problem.weex +1