Hynix jumps on Nasdaq as AI chip demand fuels optimism

SK Hynix jumped on Nasdaq on July 10 as AI-chip demand supported investor optimism following a $26.5 billion U.S. share sale. The company’s American Depositary Receipts (ADRs) opened at $170 per share, compared with the $149 offer price, marking a 2.7% premium to the average ADR price over the previous three trading days in Seoul. The ADRs rose 14% in their Nasdaq debut, after memory-sector stocks had pulled back from a rally tied to surging AI infrastructure demand. The offering is the second-largest U.S. share sale after SpaceX’s record IPO last month, and Reuters said it was more than seven times oversubscribed. Ten ADRs equal one common share. SK Hynix, based in Icheon, is the world’s largest producer of HBM chips used in AI-focused GPUs from companies including Nvidia and AMD. Analysts said the U.S. listing could help narrow Hynix’s valuation gap with Micron.