The Korean memory chipmaker’s ADR offering may divert investor capital from Micron as it expands AI-driven capacity.
SK Hynix will list American depositary receipts on the Nasdaq next month, aiming to raise over $29 billion in one of the largest stock offerings ever. The move targets capital from U.S. investors, where Micron is currently the only major memory chipmaker listed.
Memory chip stocks have surged over the past year, with Micron shares up 850% and SK Hynix nearly 900%, driven by AI demand and supply constraints. The sector has seen record-high pricing due to the imbalance, but SK Hynix’s fundraising signals aggressive expansion plans.
Proceeds will fund construction projects, intensifying competition in the AI memory market. Micron investors may face capital reallocation as SK Hynix broadens its U.S. investor base.