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SK Hynix Debuts on Nasdaq With Record $26.5 Billion Offering Driven by AI Memory Demand
South Korean memory chipmaker SK Hynix debuted on Nasdaq, raising $26.5 billion in the largest foreign stock offering in U.S. market history. Shares rose 13-14 percent on the first day of trading, driven by demand for HBM memory used in AI chips.
SK Hynix, the world's second-largest memory chipmaker, debuted on the Nasdaq stock exchange in New York on July 10, 2026, raising $26.5 billion. It is the largest foreign stock offering in the history of the U.S. stock market, surpassing Alibaba's 2014 record.
Why now
The decision to list on Nasdaq coincided with a moment when demand for HBM memory, a key component of AI accelerators produced among others by Nvidia, exceeds SK Hynix's production capacity for the coming years. The company chose Nasdaq over the NYSE partly to secure inclusion in the Nasdaq 100 index, which is expected to attract additional capital from passive funds during the index's December rebalancing.
Proceeds from the offering are earmarked for building new semiconductor plants and purchasing advanced production equipment, including EUV lithography scanners from the Dutch company ASML. SK Hynix has already placed an order for about 30 such machines worth $8 billion, with deliveries spread through the end of 2027, expected to be the largest single order in ASML's history.
Management speaks
SK Group Chairman Chey Tae-won personally took part in the opening bell ceremony at Times Square in New York. Speaking to CNBC, he said he sees no signs of slowing demand for HBM memory, despite concerns among some analysts about possible overproduction in the segment.
Demand is enormous, it's growing exponentially, so I really don't see [signs of a slowdown] - Chey Tae-won, Chairman of SK Group
All my customers say it's not enough, that they need more - Chey Tae-won, Chairman of SK Group, on plans to double production capacity within five years
Risks and doubts
Not all analysts share the enthusiasm. Some warn of the risk of HBM memory overproduction if the pace of investment in AI data centers slows faster than current forecasts assume. HSBC estimates that SK Hynix's ADRs could trade at a premium of around 20 percent relative to the company's shares listed in Seoul, reflecting easier access for U.S. investors to the Asian semiconductor market.
SK Hynix's Nasdaq debut also carries symbolic weight for the global tech market, showing that AI-driven demand is now shaping not only the valuations of Silicon Valley companies but also decisions about where Asian component makers seek capital.
Implications for the AI supply chain
For tech companies and investors in Poland, SK Hynix's debut is further confirmation that the price and availability of HBM memory will remain a key constraint on building AI infrastructure in the coming years. Rising prices for memory components indirectly translate into higher costs for cloud services and AI models offered worldwide, including those used by Polish companies and public institutions.
The next test for the market will be whether demand for HBM memory holds up in coming quarters at a level that justifies current valuations of semiconductor makers. SK Hynix has already announced plans to double its production capacity over the next five years, betting that the AI boom will not prove to be a temporary phenomenon.
Sources: Sk hynix ADRs jump 14% in Nasdaq debut after record $26.5 billion US listing (koreajoongangdaily.com), SK Hynix rises 13% in Nasdaq debut. Chairman tells CNBC 'demand is enormous' (cnbc.com), Nasdaq debut 'historical moment,' expects huge AI investment (koreatimes.co.kr)
