SK Hynix, the South Korean memory chip giant that quietly became one of the most important companies in the AI supply chain, just priced its American Depositary Receipt offering at $149 per share. The Nasdaq listing, set to begin trading on July 10, raised approximately $26.5 billion and was oversubscribed by more than seven times.
The offering landed right in the middle of a broader AI chip selloff that has hammered semiconductor stocks across Asia. SK Hynix shares slumped in Seoul, Samsung Electronics took a hit, and the Kospi index dropped more than 5%.
The AI memory gold rush meets reality
SK Hynix is the dominant supplier of high-bandwidth memory, the specialized chips that make AI models actually run. That positioning helped SK Hynix reach a $1 trillion market valuation in May 2026. The company has also secured major supply qualifications for Microsoft’s AI chip production, further cementing its role in the infrastructure stack.
The seven-times oversubscription on the ADR offering tells you that institutional investors are still very much believers in this story.
