South Korean chipmaker SK Hynix debuts on Nasdaq at $170 a share

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South Korean chipmaker SK Hynix debuts on Nasdaq at 0 a share — South Korean chipmaker SK Hynix debuts on Nasdaq at 170.jpg

SK Hynix Makes Blockbuster Wall Street Debut

SK Hynix, the South Korean chipmaker valued at $1 trillion, opened on the Nasdaq at $170 a share, signaling strong investor interest in the AI sector despite recent volatility in tech and chip stocks.

Following its $26.5 billion US share sale, the largest ever by a foreign company, SK Hynix’s American depositary receipts surged nearly 20% to $18.61 by 2:45 p.m. ET.

The company, known for its high bandwidth memory chips, saw over 52 million shares traded within minutes of its debut, reflecting high demand in the market.

SK Hynix executives celebrate the company’s US IPO during the opening bell ceremony at the Nasdaq market. REUTERS

SK Hynix’s CEO highlighted the company’s impressive revenue growth and the increasing demand for its chips, particularly in the AI sector where tech giants like Nvidia and Apple are major customers.

Despite concerns about a potential “AI bubble” in the market, SK Hynix remains optimistic about the future, with plans to expand its manufacturing capacity and meet the growing demand for memory chips.

The company’s ADRs were initially priced at $149, with proceeds from the share sale earmarked for new factories and equipment, including a $4 billion packaging plant in Indiana.

With a strong foothold in the market and ambitious growth plans, SK Hynix is poised to capitalize on the booming demand for AI-related technologies in the coming years.