GoKawiilThe SK Hynix logo is seen above a printed circuit board.
Shares of South Korean chip giant SK Hynix surged more than 12% on Thursday, buoyed by plans to raise as much as $29.4 billion in a U.S. stock market listing and stronger-than-expected quarterly results from U.S. rival Micron .
Micron's quarterly results reinforced expectations that the market for artificial intelligence memory chips remains supply-constrained, a positive signal for fellow memory-chip maker SK Hynix, analysts said.
Micron's revenue more than quadrupled in the fiscal third quarter, the company reported on Wednesday, as demand for AI-related memory chips continued to surge.
"This is a very positive read-across for SK Hynix, who are exposed to the exact same market dynamics," said Rolf Bulk, head of semiconductors and infrastructure at Futurum Group.
The company plans to issue 17.79 million new shares in the form of American depositary receipts through a Nasdaq listing, according to a regulatory filing. The offer could raise 45.45 trillion won ($29.65 billion).
Trading is expected to begin July 10, although the company said the timetable remains subject to change.
SK Hynix said the ADR listing would broaden its investor base and allow "its true corporate value to be properly evaluated."
"We expect to elevate our status as a global company by broadening our touchpoints in the United States, the epicenter of AI technological innovation," the company said.
The company has been ramping up investment to meet booming demand for artificial intelligence chips. It is developing its Yongin semiconductor cluster in South Korea, which is expected to begin operations in 2027, while also constructing its first U.S. production facility, a $4 billion advanced chip-packaging plant in Indiana.
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