The listing of SK Hynix shares for trading in the United States marks a fresh test of investor confidence in the sustainability of the artificial intelligence boom, following a recent decline in chipmaker stocks amid concerns about a slowdown in spending on the industry.
The South Korean company sold shares worth $26.5 billion through American depositary receipts, with each receipt priced at $149, representing a 2.7% premium over the average trading price during the previous three days, with 10 American depositary receipts equivalent to one ordinary share.
The listing comes after SK Hynix shares fell approximately 25% from a record high recorded two weeks ago, although the stock remains up roughly 630% compared with the previous year, supported by the company's position as the world's largest producer of high-bandwidth memory (HBM) chips used in artificial intelligence applications.
The listing on the US market gives the company direct access to the world's largest investor base, and also aims to boost its valuation and narrow the gap with its American rival Micron, whose shares have risen approximately 711% over 12 months.
HBM chips are among the most critical components of the artificial intelligence revolution, given their role in processing vast amounts of data within advanced graphics processing units manufactured by companies such as Nvidia and AMD, making them one of the most capital-attractive segments of the semiconductor sector.
Market data indicate that SK Hynix shares trade at approximately 5.8 times projected earnings, compared with around 7 times for Micron — a gap that analysts say the US listing could help close by broadening the company's investor base.
Major technology companies continue to pour hundreds of billions of dollars into artificial intelligence infrastructure, amid expectations that global spending on cloud computing and AI infrastructure will reach approximately $1.5 trillion by 2027, growing at an annual rate of between 40% and 50%, according to estimates from BofA Securities.
At the same time, concerns persist over the viability of these massive investments and the potential for a future supply glut, making SK Hynix's performance on Wall Street an important barometer of whether momentum in the AI market will be sustained.
Analysts say a successful listing will reinforce investor confidence in AI-linked chipmakers, while companies coming to market subsequently may face greater competition amid heightened expectations and increasing scrutiny of returns on technology spending.