The stock of SK Hynix is soaring on Friday on its first day of U.S. trading. The company's ADRs opened at $170 per share, a 14% increase, as appetite for the South Korean company remains elevated. The ADRs were initially priced at $149 as the company seeks to finance its expansion plans, which include new factories and equipment.
Under the structure of the offering, 10 ADRs represent one common share. The fundraising comes at a pivotal moment for the global semiconductor industry, where AI infrastructure spending has transformed the fortunes of memory chip manufacturers. SK Hynix has emerged as the world's leading supplier of high-bandwidth memory (HBM), an advanced type of memory essential for training and operating large artificial intelligence models.
