SK Hynix rises 12.8% in U.S. debut as AI chip demand lifts offering

SK Hynix’s U.S.-listed shares rose 12.8% Friday in a debut that showed how strongly investors are chasing companies tied to artificial intelligence hardware. Fortune and The Associated Press reported that the South Korean memory chipmaker raised $26.5 billion through American depositary receipts, making it the largest initial share sale in the U.S. by a foreign company.

According to Fortune and AP, SK Hynix priced 177.9 million ADRs at $149 each on Thursday. The shares opened Friday at $170 and ended the session at $168.01.

An American depositary receipt lets U.S. investors buy exposure to a foreign company through U.S. markets, Fortune and AP reported. SK Hynix is already one of South Korea’s largest companies and trades as part of the Kospi index, alongside Samsung Electronics.

The U.S. debut came as chip stocks have benefited from demand for memory used in AI systems. Fortune and AP reported that SK Hynix holds a leading global position in high bandwidth memory, a key component for advanced AI development.

The company recently formed a partnership with Nvidia to supply advanced memory chips as AI infrastructure grows worldwide, according to Fortune and AP. Nvidia is described by Fortune and AP as Wall Street’s most valuable company.

Renaissance Capital said 48 initial public offerings raised $104.8 billion in the second quarter, according to Fortune and AP. That was the strongest quarter for IPO proceeds in five years, helped in large part by SpaceX raising $75 billion, and many new listings have sought to benefit from AI-related investor demand.

Fortune and AP reported that the rise in AI computing has helped lift chipmaker earnings. Memory prices have climbed as demand runs ahead of supply, and Apple recently said it would raise prices for Macs and iPads because memory chips have become more expensive, according to the report.

The United States is SK Hynix’s biggest market, accounting for 68.8% of revenue last year, Fortune and AP reported. The company plans to expand in the U.S. by building its first production facility in the country, located in Indiana.

SK Hynix generated just under $65 billion in revenue in 2025, according to Fortune and AP. Its profit doubled to about $28 billion.

The company is also part of a large domestic investment plan in South Korea. Fortune and AP reported that SK Hynix, Samsung and the South Korean government announced plans to invest a combined 800 trillion won, or $518 billion, in a new chipmaking hub in the country’s southwest region.

The investment plan is part of a national effort to spread development beyond the greater Seoul area, which Fortune and AP described as South Korea’s economic center and the core of its semiconductor industry.

Chipmakers have become major drivers of stock-market performance, according to Fortune and AP. The report said high valuations for large semiconductor companies have given them strong influence over Wall Street indexes, which have reached records largely because of gains in technology shares.

In South Korea, the Kospi index is up 77% so far this year despite a recent retreat, Fortune and AP reported. SK Hynix shares in Seoul have more than tripled this year, though they slipped 0.3% on Friday.

Other memory and AI-related chip stocks have also posted sharp gains. Fortune and AP reported that Micron Technology’s market value more than tripled in 2025 and is on pace to more than triple again in 2026, while Nvidia recorded similar growth several years earlier and added more modest gains in 2025.

This story draws on original reporting from Fortune.