The SK Hynix logo will be displayed on top of the printed circuit board.
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Shares of South Korean semiconductor giant SK Hynix rose as much as 11% on Thursday after the company announced plans to raise up to $29.4 billion in a U.S. stock market listing.
The company plans to issue 17.79 million new shares in the form of American Depositary Receipts through a Nasdaq listing, according to a regulatory filing. The proposal could raise 45.45 trillion won ($29.65 billion).
Trading is scheduled to begin on July 10, but the company said the schedule is still subject to change.
SK Hynix said that the ADR listing will expand its investor base and “allow the true corporate value to be appropriately evaluated.”
The company said, “We hope to enhance our position as a global company by expanding our touchpoints in the United States, which is the center of AI technology innovation.”
The company is increasing investment to meet strong demand for artificial intelligence chips. The company is developing the Yongin semiconductor cluster in South Korea, scheduled to begin operations in 2027, and is also building a $4 billion advanced chip packaging factory in Indiana, its first production facility in the United States.
SK Hynix’s stock price has increased more than 300% since the beginning of the year. The funding comes as analysts remain bullish on the outlook for AI memory chips, arguing that high-bandwidth memory supply constraints are likely to remain for years to come as hyperscalers continue to ramp up spending on AI infrastructure.
“I don’t think capacity will be added fast enough. Micron can’t bring enough online, SK can’t bring enough online,” Futuram Group CEO Daniel Newman said Thursday, arguing that AI-driven demand will likely constrain the memory market’s supply until the end of the century.
The gains spread across Asia’s technology sector. Samsung Electronics rose more than 4%, Taiwan TSMC Added 1%. In Japan, chip equipment manufacturers Tokyo Electron It rose by about 3%, but Advantest increased by more than 2%, laser tech Although more than 2% was added, Softbank Group It rose by about 1%.
