SK Hynix Surges 12% on $29B Nasdaq Listing Plan
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- SK Hynix shares surged more than 12% on Thursday, fueled by plans to raise as much as $29.4 billion through a Nasdaq ADR listing of 17.79 million new shares.
- SK Hynix's offering could bring in roughly 45.45 trillion won ($29.65 billion) with trading expected to begin July 10; the company says the listing will let its 'true corporate value' be properly evaluated by U.S. investors.
- Micron reported fiscal third-quarter revenue more than quadrupled year-over-year on surging AI-related memory chip demand, providing what Futurum Group's Rolf Bulk called a 'very positive read-across' for SK Hynix.
- SK Hynix is up more than 300% year-to-date as analysts argue high-bandwidth memory supply constraints will persist for years amid hyperscaler AI infrastructure spending.
- SK Hynix is developing its Yongin semiconductor cluster in South Korea (operations expected in 2027) and constructing a $4 billion advanced chip-packaging plant in Indiana.
- The rally spread across Asia's tech sector: Samsung Electronics climbed more than 5%, Tokyo Electron gained about 7%, Advantest rose over 4%, Lasertec added more than 3%, and SoftBank Group jumped around 5%.
Why it matters: SK Hynix's roughly $29.65 billion Nasdaq ADR offering ranks among the largest listings ever and gives global investors direct access to a stock already up 300% year-to-date, while Micron's revenue more than quadrupling on AI-memory demand confirms the HBM supply squeeze that drove the entire cross-sector Asian tech rally.
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