SK Hynix Nasdaq plan puts AI chip demand before U.S. investors
The Nvidia memory supplier is expected to list ADRs on Nasdaq as investors weigh another large AI-linked technology offering.
By Hana Yoshida · Markets Reporter
3 min read
SK Hynix is expected to begin trading on Nasdaq on Friday, bringing a major Nvidia supplier into easier reach for U.S. investors. The planned listing matters because it will test demand for another large AI-linked company after a sharp rally in chip stocks.
The South Korean memory-chip maker is seeking to raise about $28 billion through Nasdaq-listed American depositary receipts, according to regulatory filings. SK Hynix is a leading producer of high-bandwidth memory, a key component in AI computing systems.
The company’s business differs from chip foundries such as TSMC, which makes logic chips. SK Hynix focuses on memory products, including DRAM used as system memory and NAND flash used for storage in solid-state drives, according to Fortune.
Dan Ives, a technology analyst, told Fortune’s CFO Daily that the planned U.S. listing signals wider investor interest in the AI supply chain, with Korean chip companies gaining more attention. The move comes as investors continue to price companies tied to AI infrastructure at elevated levels.
Morningstar equity analyst Jing Jie Yu offered a more measured view. He told Fortune that the SK Hynix listing by itself may not reveal much about overall market conditions, because investor sentiment toward memory and technology stocks is already similar across major markets.
Yu said he still expects interest from U.S. and global investors because the ADRs would give them a simpler way to gain exposure to Korean equities. That access may be a central selling point for the offering, rather than a dramatic change in how investors view the company.
Morningstar raised its fair value estimate for SK Hynix in a July 1 note, according to Fortune. The firm said the current memory cycle has been stronger than it expected, while warning that the industry remains cyclical and that recent share gains limit further upside.
Morningstar also said SK Hynix continues to trade at a discount to U.S. rival Micron Technology. Fortune reported that SK Hynix’s Korea-listed shares have risen about 770% over the past 12 months, even after falling 20% from a June high. Micron’s shares rose about 700% over the same period, according to Fortune.
The Nasdaq debut follows SpaceX’s June 12 public listing on the Nasdaq Global Select Market under the ticker SPCX, according to Fortune. That offering reportedly raised about $86 billion, which Fortune described as the largest IPO in financial market history.
SK Hynix’s listing could also help set expectations for other large technology offerings later in 2026. General Atlantic said in a June note on a potential IPO recovery that the second half of the year may bring narrower valuation discounts, a return of mid-cap and underrepresented sectors, and some investor rotation from large deals into areas beyond core AI and semiconductors.
This story draws on original reporting from Fortune.