SpaceX · South Korea · Fortune Technology
After a nearly 800% explosion, this AI stock’s U.S. debut could signal if the market can still boom—or is headed for a bust
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South Korean chipmaker SK Hynix isn’t one of the Magnificent 7 stocks but is in a class of its own after pulling off a stunning rally on the back of the AI boom, and it’s about to land on U.S. markets.
Key facts
- That’s after SK Hynix’s Korea-listed stock has shot up 770% over the last 12 months, even after a 20% selloff from a peak in June
- Analysts at Bank of America warned in a note on Tuesday that stocks are headed lower and reaffirmed their year-end S&P 500 target of 7,100, representing a 5% drop from the week’s closing level
- While SK Hynix’s U.S. stock listing won’t be as big as SpaceX’s $86 billion IPO last month, it could serve as a key barometer for the market
- The surge even outpaces Micron Technology’s 700% rally over the same time, with makers of memory chips emerging as critical enablers of AI agents
Summary
Shares will list on the Nasdaq and are expected to start trading on Friday, raising about $29 billion in what could be the biggest-ever first-time share sale by a foreign company. That’s after SK Hynix’s Korea-listed stock has shot up 770% over the last 12 months, even after a 20% selloff from a peak in June. The surge even outpaces Micron Technology’s 700% rally over the same time, with makers of memory chips emerging as critical enablers of AI agents. While SK Hynix’s U.S. stock listing won’t be as big as SpaceX’s $86 billion IPO last month, it could serve as a key barometer for the market.