SK Hynix makes US debut today. Will investors sell Micron to buy the AI memory leader?

SK Hynix listed American Depositary Receipts on Nasdaq at $149 each, a 2.7% premium, making it the second-largest US share sale after SpaceX. The South Korean chipmaker, the world's largest producer of high-bandwidth memory chips used in Nvidia and AMD AI processors, trades at around 5.8x forward earnings versus Micron at around 7x. Analysts expect the US listing could narrow this valuation gap and intensify competition for AI-memory investor dollars, even as concerns grow over stretched valuations in semiconductors.