SK Hynix launches $28-billion Nasdaq listing to tap global AI investor demand
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South Korean memory chipmaker SK Hynix has launched a roughly $28-billion listing on the Nasdaq, seeking to capitalise on strong investor appetite for artificial intelligence (AI)-linked semiconductor companies.
According to the company's regulatory filing, SK Hynix plans to issue 17.79 million new American Depositary Receipts (ADRs), with every 10 ADRs representing one common share. The final price of the New York listing is due to be set on Thursday, ahead of the stock starting trade on Friday, as per regulatory filings. The company's management will meet global investors on a roadshow this week.
The proceeds will be used to fund semiconductor investments, including expanding manufacturing capacity and purchasing advanced chipmaking equipment.
The listing comes as SK Hynix has emerged as one of the biggest beneficiaries of the AI boom. The company is a leading supplier of high-bandwidth memory (HBM) chips used alongside AI accelerators from companies such as Nvidia, making it a critical part of the AI infrastructure supply chain.
A U.S. listing also gives the company access to a deeper pool of global institutional investors at a time when AI-related semiconductor stocks continue to command premium valuations. If completed at the proposed size, the offering would rank among the largest global equity offerings in recent years.
AI boom fuels chip stock rally
The AI spending cycle has dramatically lifted the valuations of memory chipmakers. SK Hynix's shares have surged about 756% over the past year, taking its market capitalisation to record levels as demand for HBM chips continues to outstrip supply. By comparison, Samsung Electronics shares have gained about 404% over the past year.
The rally has not been limited to South Korea. U.S.-based rival Micron Technology, another major memory chip manufacturer and competitor in the HBM market, has also seen its shares soar, rising about 714% over the past year. Both companies have benefited from hyperscalers and AI developers ramping up spending on data centres and advanced computing infrastructure.
The Nasdaq listing is expected to place SK Hynix alongside global semiconductor peers in the U.S. market, potentially broadening its investor base as demand for AI infrastructure continues to reshape the memory chip industry.