South Korean chipmaker SK Hynix lists on US Nasdaq market

South Korean technology firm SK Hynix is set to begin trading on the Nasdaq stock exchange on Friday. The debut coincides with the company's significant expansion plans in the U.S. and follows a more than sevenfold increase in its stock price over the past year, which has propelled its market capitalization to approximately $1 trillion.

SK Hynix is one of the three primary global manufacturers of computer memory chips, used in devices sold by companies such as Apple and Dell. The surging demand for artificial intelligence (AI) in recent years has dramatically reshaped the semiconductor market, leading to severe chip shortages and record-high prices.

The company has notably emerged as a leader in high-bandwidth memory (HBM), critical components for AI chips. Analysts project SK Hynix will capture over half of this market this year. Nvidia, the largest buyer of HBM, has secured a multi-year partnership with SK Hynix, confirmed during a June visit by Nvidia CEO Jensen Huang to the company's headquarters in Seoul.

SK Hynix aims to raise around $29 billion through the issuance of American depositary receipts (ADRs) to fund new factories and equipment. A portion of this expansion is occurring in the U.S., where the company is constructing its first production facility in West Lafayette, Indiana. The $4 billion plant, scheduled for completion in 2028, will focus on advanced packaging technology essential for HBM chip manufacturing.