SK Hynix just pulled off the largest equity sale by a foreign company in US history. And the ripple effects are being felt across every corner of the semiconductor sector.
The South Korean memory chip giant listed American depositary receipts on the Nasdaq on July 10, raising approximately $26.5 billion at $149 per ADR. That figure eclipses Alibaba’s previous record from 2014, which had stood unchallenged for over a decade.
On its debut day, SKHY shares surged 13% to close at $168.01. The enthusiasm was contagious. Micron climbed 4.5%, Sandisk jumped 7.6%, and Marvell Technology added 5.0%, pushing both the S&P 500 and Nasdaq to fresh all-time highs.
The AI hardware appetite is insatiable
The fuel behind this rally isn’t hard to identify. It’s high-bandwidth memory and NAND flash chips, the unglamorous but absolutely essential components powering AI data centers worldwide.
