SK Hynix $SKHY Debuts on Nasdaq: $26.5B IPO Owns 58% of AI Memory

$SKHY is officially trading on the Nasdaq, and the stats are genuinely absurd. SK Hynix raised $26.5 billion at $149 per ADS, making this the largest-ever US first-time share sale by a foreign company, edging out basically everything except SpaceX. The company holds 58% of the high-bandwidth memory (HBM) market, with $MU and Samsung splitting the remaining scraps at roughly 21% each. Revenue has already tripled to $65 billion and analysts project another triple to approximately $230 billion as AI infrastructure spending keeps accelerating.

The valuation case is actually interesting. $SKHY trades at roughly 5-6x forward earnings versus $MU at 7x, a discount that existed purely because US investors couldn't easily access Korean shares before this listing. Barclays estimates up to $14 billion in passive fund buying as index inclusions kick in. That's not organic demand, that's a scheduled freight train.

While everyone is doom-scrolling Iran headlines and watching oil spike, the quiet chip trade just got a lot louder.