Global Market: SK Hynix's Nasdaq ADR debut raises $26.5 billion amid AI chip boom

SK Hynix launched its Nasdaq-listed ADRs under ticker SKHY, raising around $26.5 billion in a heavily oversubscribed offering priced at a 2.7 percent premium over its recent Seoul average. The listing underscores SK Hynix's leadership in high-bandwidth memory chips powering AI processors, with Nvidia identifying it as its largest memory partner and cornerstone investors like Baillie Gifford, Coatue, and Situational Awareness Partners committing up to $7 billion. The stock remains up about 680 percent over the past 12 months, though it has cooled around 25 percent in the last two weeks amid broader AI-spend concerns.