SK Hynix Raises $26.5 Billion in Record Nasdaq Debut as Shares Surge

SK Hynix, South Korea's second most valuable company, made a blockbuster debut on the Nasdaq, with its American depositary receipts opening at $170 and climbing roughly 13% to 14% on the first day of trading. The ADRs were priced at $149, raising $26.5 billion, one of the largest listings ever completed on a US exchange. Proceeds are earmarked for an aggressive expansion programme, including new fabrication plants and equipment, as the memory chipmaker races to meet demand created by the global artificial intelligence build-out. The stock initially traded under the ticker SKHYV and was set to switch to SKHY. Chairman Chey Tae-won told CNBC that demand for the company's products is enormous, underscoring how advanced memory has become one of the tightest bottlenecks in AI infrastructure. The listing follows a record-breaking stretch for South Korean exports, which topped $100 billion in a single month for the first time in June on the back of a near tripling of semiconductor shipments. Analysts caution that memory is a cyclical business and that the chip sector has already seen a correction in recent weeks.