SK Hynix just pulled off something no foreign company has ever done before. The South Korean memory chip maker raised approximately $26.5 billion through its American Depositary Receipt offering, priced at $149 per share, making it the largest US listing by a foreign company in financial history.
The offering, which landed on July 8-9, was more than 7x oversubscribed by long-only institutional investors.
Cramer’s take: cheap, but proceed with caution
Jim Cramer broke down SK Hynix’s positioning in the global memory industry, and his verdict was characteristically split between enthusiasm and pragmatism. He noted the stock is trading at roughly 7x 2026 earnings estimates, a discount he directly linked to the explosion in AI-related spending.
But Cramer wasn’t ready to go all-in. He advised investors to start with small positions, pointing to the historical boom-bust cycles that define the memory chip market. His warning about potential supply surpluses in the future isn’t hypothetical fear-mongering. It’s pattern recognition.
