South Korean chipmaker SK Hynix is set to raise up to $29.4 billion through an American Depositary Receipt listing in the United States, a move that could become one of the largest share sales ever and signal a new phase in the booming AI memory chip sector. The offering, underwritten by Bank of America, Citigroup, Goldman Sachs, and JPMorgan, targets a final price after bookbuilding, with trading expected to begin as early as July 10, pending regulatory clearance by July 3.
The listing comes as SK Hynix cements its dominance in high-bandwidth memory (HBM), a critical component for Nvidia’s AI processors. The company held a 57% revenue share of the global HBM market in Q4 2025, far ahead of rivals Micron Technology and Samsung Electronics. In the first quarter, it posted a record operating profit of $25.4 billion, more than tripling year-on-year, driven by insatiable demand from AI data centers.
By listing on Nasdaq, SK Hynix aims to close a long-standing valuation discount relative to global peers like Micron. Analysts note that the move could trigger passive investment flows from tech ETFs and index funds, potentially re-rating both its US and Korean shares. Proceeds will be poured entirely into expanding manufacturing capacity—new fabrication plants in South Korea and advanced equipment from ASML, among others—underscoring the firm’s confidence that AI chip demand will stay robust.
The deal may also intensify competitive pressure on Micron. With fresh capital, SK Hynix could boost production and possibly lower prices, while the ADR offering gives global investors an alternative to pure-play memory stocks. The broader semiconductor industry is watching closely, as this listing solidifies memory chips’ role as AI infrastructure rather than cyclical commodities.
