SK Hynix Surges 13% in Record $26.5B Nasdaq Debut on July 10

SK Hynix closed its first Nasdaq trading day up 13% at $168.01 on July 10, marking the largest U.S. listing by a foreign company. The South Korean memory chipmaker raised $26.5 billion through American depositary receipts priced at $149, surpassing Alibaba’s 2014 IPO record of $25 billion. The debut reflects surging demand for specialized memory chips that power artificial intelligence infrastructure.

Why the AI boom drove the listing

SK Hynix makes high-bandwidth memory, or HBM, the specialized chips that sit inside Nvidia processors and enable AI systems to run. The AI data center buildout has created a severe shortage of these chips, sending prices and demand to historic highs. SK Hynix’s valuation has risen more than sevenfold over the past 12 months as customers like Nvidia and Apple compete for limited supply.

The Korea Discount and global access

SK Hynix shares in Korea have surged over 630% in the past year, pushing its market value past $1 trillion. Yet the company trades at a discount to U.S. peers due to what analysts call the “Korea Discount,” where Korean stocks trade below book value compared to global rivals. Analysts at HSBC estimate the U.S. listing could lift SK Hynix’s valuation by as much as 20% by attracting global investors who cannot easily access the Korean market.

Customers demand more than doubled capacity

SK Hynix Chairman Chey Tae-won told CNBC on Friday that customers expect more chips than the company can deliver. Even after announcing plans to double production capacity within five years, customers said the increase is insufficient. Tae-won said every customer replied: “That’s still not enough, man, and we need more.” This mismatch between supply and demand underscores the structural tightness in AI memory markets.

Symbol change and trading details

SK Hynix began trading on a when-issued basis under the ticker SKHYV on July 10. The stock will switch to the permanent ticker SKHY on July 13 and begin regular-way trading on Monday. The stock opened at $170 on Friday before drifting lower to close at $168.01, still 13% above the $149 IPO price.

Final Thoughts

SK Hynix’s record debut signals sustained global appetite for AI infrastructure despite recent market volatility. With customers demanding more chips than the company can produce even after doubling capacity, the stock reflects a structural supply shortage that could persist for years.

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