US investors will soon get access to SK Hynix, another memory maker riding the AI boom
SK Hynix is experiencing a boom credited to AI. It will ride that to a multibillion-dollar U.S. IPO, expected to take place on Friday.
South Korean memory chipmaker SK Hynix is planning a U.S. initial public offering of nearly 17.8 million shares that could raise around $28 billion, making it accessible to American investors through American depositary receipts. Memory chipmakers are experiencing significant growth because AI systems require large amounts of memory, and as companies build out AI data centers and factories, demand for memory chips has outpaced supply, creating what has been called a shortage. SK Hynix's first-quarter revenues were up nearly 200% and its stock is up about 260% this year, following the same AI-driven boom experienced by rival Micron, which has seen its valuation reach more than $1 trillion.
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