SK Hynix Heads to Nasdaq With a $28 Billion Bet on AI Memory

The AI boom has minted fortunes for the companies that make the chips doing the thinking. Now one of the firms that makes the memory feeding those chips is coming to Wall Street, and it is arriving big.

SK Hynix, the South Korean memory-chip maker, has filed to list in the United States, aiming to raise around $28 billion by selling close to 17.8 million American depositary receipts. The shares are expected to begin trading on the Nasdaq later this week under the ticker SKHY, according to reporting from TechCrunch and Fortune.

The quiet half of the AI stack

Nvidia gets the headlines, but its accelerators are useless without vast amounts of fast memory sitting beside them, and that is SK Hynix's business. The company is the dominant supplier of high-bandwidth memory, or HBM, the specialized stacks of chips that keep AI processors fed with data. UBS reckons SK Hynix will hold roughly 70 percent of the HBM market for Nvidia's next-generation Rubin platform this year.

The financials read like a company riding a supercycle. First-quarter revenue was up nearly 200 percent year on year, and the stock has climbed around 260 percent in Seoul so far this year. Analysts at Bank of America expect the overall HBM market to reach about $54.6 billion in 2026, a 58 percent jump.

Why list in New York

SK Hynix already trades in Seoul, so the US listing is less about raising money it cannot get at home and more about access. American depositary receipts let US investors buy a slice of a foreign company without wrestling with an overseas exchange, and there is clearly appetite among US funds for a way to bet on the AI infrastructure story beyond the handful of chip designers everyone already owns.

A test of the mood

The timing makes this more than a routine listing. A $28 billion offering is a serious ask of the market, and how SKHY trades will be read as a gauge of whether investors still believe the AI hardware run has room to go, or whether the easy money has been made. Memory is famously cyclical, booms give way to gluts, and some analysts are already asking whether a US listing near the top is a sign of a peak.

For now, the demand for AI computing shows little sign of cooling, and SK Hynix is one of the few companies on earth that can supply the memory to feed it. That scarcity is exactly what it is selling to Wall Street.