SK Hynix rises nearly 13% in debut on Wall Street as demand for memory
chips soars amid AI frenzy
[July 11, 2026] By
DAMIAN J. TROISE
NEW YORK (AP) — Shares of South Korean memory chipmaker SK Hynix rose
12.8% as they made their debut on Wall Street, at a time when demand for
chips is surging thanks to the frenzy around artificial intelligence.
The company is already one of the largest in South Korea, along with
Samsung Electronics, and is a member of the Kospi index. Even with a
recent pullback, the country's Kospi index is up 77% so far this year
and SK Hynix shares have more than tripled.
SK Hynix priced its American depositary receipts, or ADRs, at $149 each
Thursday. They opened Friday at $170 and closed at $168.01. The offering
of 177.9 million ADRs raised proceeds of $26.5 billion, making it the
biggest-ever initial share sale in the U.S. by a foreign company. An ADR
is issued by a bank or broker and is a simplified way for U.S. investors
to own foreign stocks through the U.S. markets.
SK Hynix is going public in the U.S. amid a surge in IPO proceeds. There
were 48 IPOs raising a total of $104.8 billion during the second
quarter, according to Renaissance Capital. It is the biggest quarter for
deal proceeds in five years, in large part because of SpaceX raising $75
billion. Many of the companies going public are capitalizing on the
demand for all things AI.
SK Hynix has a dominant position globally for high bandwidth memory,
which is essential for the development of advanced AI technology. The
company recently entered a partnership with Wall Street’s most valuable
company, Nvidia, for advanced memory chips as AI infrastructure expands
globally.
Increasing demand for AI has been driving a surge in profits for
chipmakers. Memory chips have become more expensive as demand outpaces
supply along with the advancement of artificial intelligence technology.
Technology giant Apple recently announced an increase in prices for Macs
and iPads because of the jump in price for memory chips.
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A logo of SK Hynix is seen at Korea Electronics Show in Seoul, South
Korea, on Oct. 8, 2019. The big South Korean chipmaker will begin
trading on the Nasdaq Friday, July 10, 2026. (AP Photo/Lee Jin-man,
File)
 The U.S. is SK Hynix’s largest
market, accounting for 68.8% of its revenue last year. It is
planning an expansion that includes building its first U.S.
production facility, located in Indiana. Overall, the company had
revenue of just under $65 billion in 2025. That helped profits
double to about $28 billion.
The company recently joined with Samsung and the government in
announcing plans to invest a combined 800 trillion won ($518
billion) in building a new computer chipmaking hub in South Korea’s
southwest region, part of national efforts to expand investment
beyond the greater Seoul metropolitan area, the country’s economic
center and heart of its semiconductor sector.
The promise of growing profits has catapulted stock prices within
the tech sector, particularly for chipmakers. Micron Technology's
stock value more than tripled in 2025 and is on pace to more than
triple again in 2026. Nvidia's stock had similar growth several
years ago and notched more relatively modest gains in 2025.
Big chipmakers have become the most valuable and influential
companies on Wall Street. Their high stock values give them outsized
influence over Wall Street and major indexes have been setting
records mostly because of the tech sector.
Shares in SK Hynix traded in Seoul slipped 0.3% on Friday.
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