SK Hynix is coming to the U.S.

An ADR sized at $29B to $33B is expected to list on Nasdaq in mid-August under the ticker SKHY. Year-to-date, the Korean home-market stock is up 3x; over the past 12 months, it’s gained 800%.
The timing is delicate—MU just finished last night laying out the “long-term contracts + high margins + AI essential demand” narrative, and when SK Hynix shows up right now, it’s basically here to pick the fruit. Who among NVDA, AMD, and GOOG doesn’t need HBM? This name comes in and immediately takes the prime seat as the AI picks-and-shovels water carrier.
But with a deal this big, whether the market grants a premium is what matters most. MU is now at a $1.28T market cap, with a P/S below 5x—comparability is too strong. If SKHY is priced at 6-8x P/S, that’s still reasonable; but if it runs straight to 10x+ on day one, that’s a repeat of the 2025 batch of AI unicorn IPOs—let’s see who catches the last baton.
H2’s biggest sources of alpha in U.S. stocks—memory chips + the Korea premium + the ADR liquidity premium. I’ll be keeping my eye on this line the whole time.
‍#SKHynix #IPO #HBM