SK hynix launches huge US listing amid AI boom

South Korean chip maker SK hynix has set pricing for a major US listing, aiming to raise $26.5bn as demand for artificial intelligence infrastructure continues to drive investor interest in semiconductor companies. The offering is expected to be one of the largest stock sales ever completed on US markets. The company plans to list American depositary shares on Nasdaq later on Friday.

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SK hynix said the deal involves 177.9 million depositary shares, with each ADS representing one-tenth of a regular share, priced at $149.00 per ADS. The listing has been more than seven times oversubscribed, according to US media reports cited in the source material. The sale is being led by BofA Securities, Citigroup Global Markets, Goldman Sachs (Asia) and JP Morgan Securities.

The company is a major supplier of advanced memory chips to Nvidia and has benefited from the global race to build AI datacentres. Its shares rose 2.7% on Seoul's Kospi index after the announcement. SK hynix's market capitalisation passed $1tn in May, joining Samsung Electronics and Micron in a small group of semiconductor companies that have reached that level.

The listing comes at a time when technology stocks have faced pressure from concerns about stretched valuations and questions over when heavy AI spending will translate into returns. Even so, the strong demand for the offering suggests investors remain willing to back companies seen as central to the AI supply chain. The size of the deal also places SK hynix among a small number of companies able to raise tens of billions of dollars in a single market transaction.

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The company's rise has been closely tied to the surge in demand for high-bandwidth memory and other advanced chips used in AI systems. That has helped push SK hynix, Samsung Electronics and Micron into a more exclusive tier of global semiconductor firms. The source material also notes that the company's jacket became a viral symbol of wealth and success in South Korea this year, reflecting the wider public attention around the chip boom.

What remains unclear is how the shares will trade once they begin dealing on Nasdaq and whether the strong subscription level will translate into sustained market performance. Investors will also be watching whether the broader enthusiasm for AI-related stocks continues after recent volatility in technology markets. The listing is a further test of how far the AI investment cycle can support large-scale capital raising across the semiconductor sector.

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