The South Korean chipmaker’s $26 billion IPO opened at $170, climbing to $175, while US benchmarks showed mixed performance midday Friday.
SK Hynix’s American Depositary Receipts began trading on the Nasdaq at $170, up from the $149 IPO price, and quickly reached $175, marking a 17% gain. The $26 billion offering positions the company as a key supplier to Nvidia and a rival to Micron Technology in the AI memory-chip market.
US stock indexes traded narrowly ahead of the debut. The Dow Jones Industrial Average rose 0.2%, the S&P 500 added 0.1%, and the Nasdaq Composite remained flat. For the week, the Dow fell 0.6%, while the S&P 500 and Nasdaq gained 1% and 1.5%, respectively.
Micron shares declined 1.4% as investors assessed competitive pressures from SK Hynix’s entry. Meta Platforms rose 6% after Bank of America highlighted positive internal developments, offsetting some tech-sector weakness.