SK Hynix has priced its American Depositary Receipt offering at $149 per share, raising approximately $26.5 billion. The Nasdaq listing, scheduled for July 10, was oversubscribed by more than seven times.
The offering occurred during a significant AI chip selloff that hammered semiconductor stocks across Asia, dragging down SK Hynix's Seoul shares and the broader Kospi index.
SK Hynix is the dominant supplier of high-bandwidth memory, a critical component for running AI models. This positioning helped the company achieve a $1 trillion market valuation in May. It has also secured major supply qualifications for Microsoft’s AI chip production.
The massive oversubscription indicates strong institutional investor confidence in the company's AI infrastructure role, even as a broader market rotation appears to be moving capital from cryptocurrency assets into AI-related equities.