SK Hynix Taps US Markets for $29 Billion Amid AI Chip Frenzy

SK Hynix will launch its roughly $29 billion Nasdaq listing this week, tapping US markets amid the artificial intelligence (AI) boom. The listing is expected to rank as the biggest-ever first-time US share sale by a foreign company. The chipmaker will sell 17.79 million new shares, with trading expected to start Friday. Why the SK Hynix Nasdaq Listing Breaks Records Each SK Hynix common share will be represented by 10 American depositary receipts, Reuters reported. Management will meet global investors on a roadshow this week. SK Hynix will fix the New York listings price on Thursday, with the shares set to begin trading the following day, Friday. The deal could rank as the second-biggest share sale in history. Only SpaceXs record IPO, which raised $85.7 billion last month, stands above it. The offering also surpasses Saudi Aramcos $25.6 billion IPO in 2019. Bloomberg noted that the listing is about more than cash. SK Hynix has long traded at a discount to US-based rival Micron Technology. The latest move could change that. Trading on the Nasdaq gives the chipmaker direct access to the worlds deepest equity market. It also places SK Hynix inside the AI trade that currently drives the SP 500s performance. AI Boom Powers a 700% SK Hynix Rally SK Hynix supplies high-bandwidth memory chips to AI customers, including Nvidia and Google. That position has made it one of the biggest winners of the AI buildout, outperforming Samsung Electronics and Micron. The companys Korea-listed stock has climbed more than 700% over the past year. Last month, the chipmaker briefly surpassed Samsung in valuation for the first time since 2000. Thursdays pricing will show how much US investors will pay for exposure to the AI memory trade. Whether Fridays debut finally closes the valuation gap with Micron may become clear in the first trading sessions.