SK Hynix begins trading on the Nasdaq on Monday, launching a massive American depositary receipt (ADR) listing that aims to raise up to $29.4 billion.
The South Korean memory chipmaker will issue 17.79 million new shares in what is expected to be one of the largest technology listings in recent years, marking a significant expansion of its access to US capital markets.
The debut serves as a critical stress test for the broader artificial intelligence rally.
While SK Hynix is not part of the so-called "Magnificent Seven," its stock has surged alongside peers driven by insatiable demand for high-bandwidth memory (HBM) chips essential for AI data centers.
Investors will scrutinize the initial price discovery to determine if the premium valuation multiples seen in US-listed semiconductor names can be sustained by non-US entities with similar exposure to the AI infrastructure build-out.
The listing follows regulatory filings that outlined the scale of the offering, positioning SK Hynix as a primary beneficiary of the global shift toward AI-optimized hardware.