The chipmaker’s US listing aims to tap retail liquidity at a 6x forward earnings multiple, below Micron’s 7x valuation.
SK Hynix’s $29 billion ADR listing this week is positioned as a test of the memory supercycle thesis, with the stock trading at 6x forward earnings versus Micron’s 7x. The move targets US retail liquidity amid a structural shift in DRAM pricing and demand.
Samsung’s 20% DRAM price hike and Micron’s $50 billion Q4 revenue guidance support the supercycle argument, though hyperscaler memory compression techniques pose downside risks. Micron shares surged 703% over the past year but dropped 20% last week.
Analysts frame the listing as a stress test for memory chip strength, with supply-demand dynamics now outweighing momentum-driven tech stock rallies.