SK Hynix Makes U.S. Market Entry with Record Listing
South Korean memory giant SK Hynix launched American Depositary Shares (ADS) at $149 per share on July 10, marking the largest listing ever by a non-American company. This move follows the surge in interest in memory chip stocks, driven by Artificial Intelligence (AI) demand, with competitor Micron Technology’s share price increasing by over 600% in the past year.
SK Hynix reported a remarkable 198% year-over-year revenue increase in Q1, totaling 52.6 trillion Korean won. The company holds a 56% market share in high-bandwidth memory (HBM), critical for AI applications, as it plans to utilize the $26.5 billion raised from its ADS listing to enhance its manufacturing capabilities in response to growing AI demand.
With forecasts indicating a significant rise in the global memory market, expected to reach $633 billion by 2026, and an anticipated doubling of data center capacity to support AI by 2030, SK Hynix is well positioned for future growth. The company’s gross profit for Q1 was 41.7 trillion won, reflecting a more than 300% increase year-over-year, contributing to a net income of 40.3 trillion won, up 398% from the previous year.
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