SK Hynix is seeking a US listing to raise 45.45 trillion won ($29.4 billion); despite a massive sell-off in the sector this week, investor demand for high-growth memory chip stocks remains strong.
Before the ADR offering, SK Hynix shares listed in Seoul surged about 850% over the past 12 months, pushing market cap above $1 trillion. Early Thursday, shares rose up to 12%. Investor sentiment towards AI-related semiconductor companies has been volatile, with sharp swings even amid an overall rally.
This US listing adds another milestone to SK Hynix's stunning rise. After becoming a key supplier to AI processor leader NVIDIA, SK Hynix has become the leading supplier of HBM, further surpassing long-time rival Samsung Electronics.
Now, SK Hynix joins other global giants raising record funds via US exchanges to support AI infrastructure expansion. SpaceX completed the largest IPO in history earlier this month, while Alphabet Inc. plans to raise $85 billion to support its AI development plans.
