To The Moon

SK Hynix is actively planning to list in the U.S. market (e.g., NYSE) through an ADR (American Depositary Receipt), and the process is now moving into a concrete stage.

Originally, SK Hynix planned to issue ADRs using treasury shares. However, after canceling those shares last month, it will now issue new shares (about 2.4% of total shares, ~17.4 million shares), aiming to raise around KRW 10–15 trillion (approximately $8–12 billion).

$CSOP SK Hynix Daily (2x) Leveraged Product(07709)$  

$SK Hynix, Inc.(HXSCL)$  

$Micron Technology(MU)$  

$Micron 3xLongSG280913(44BW.SI)$  

Use of funds: Aggressive expansion of AI semiconductor capacity, especially HBM (High Bandwidth Memory), and infrastructure such as the Yongin semiconductor cluster, to strengthen its global leadership in AI memory.

SK Group Chairman Chey Tae-won confirmed at the 2026 NVIDIA GTC event that the listing is under review and that underwriters will be selected soon to begin the process.

This is not a full IPO, but an ADR listing, allowing U.S. investors to directly trade SK Hynix shares, improving liquidity and attracting passive funds and ETFs.

The main goal is to address the “Korea Discount” and achieve a re-rating in deeper global capital markets. Currently, SK Hynix trades at roughly half the P/E of Micron, despite leading significantly in HBM market share (57% vs. Micron’s 21%) and operating profit.

Impact on Micron ($MU)

In the short term, Micron’s relative attractiveness may weaken slightly, but this is far from a fatal blow. The overall AI memory sector should still benefit.

1. Potential capital rotation

With the ADR listing, SK Hynix becomes more accessible to U.S. institutional investors and passive funds (especially if included in indices like SOX in the future).

Previously, Micron was the only pure-play HBM exposure in the U.S. market. Now, investors will have another option—one that actually leads in HBM market share.

This will likely lead to some capital rotation away from Micron. If the listing is successful, SK Hynix could see rapid valuation expansion and strong upside potential.

2. Intensifying competition

SK Hynix plans to aggressively expand HBM capacity using the funds raised (it is already a key supplier to NVIDIA).

Micron is also developing HBM4, but its market share and growth pace are currently behind. Over the long term, this could increase competitive pressure on Micron.

Why this isn’t necessarily negative

AI memory demand is growing explosively, and multiple players can benefit.

Micron remains the leading U.S.-based memory company, with geopolitical advantages and strong index inclusion. Investors can also hold both SK Hynix ADR and Micron for diversification.

This is not a zero-sum game—the overall visibility, capital inflow, and growth of the memory sector will likely expand.

Conclusion

If the ADR listing proceeds smoothly (more details expected soon), SK Hynix will become significantly more attractive to global investors. Micron’s relative valuation advantage may narrow.

However, under the AI supercycle, both companies still have strong growth potential.

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