On July 10, 2026, Korean storage-chip giant SK Hynix officially began trading on the Nasdaq Global Select Market in the United States. The stock started trading under the temporary ticker “SKHYV,” and is scheduled to switch to the official ticker “SKHY” on July 13. SK Hynix’s chairman, Choi Tae-won, traveled to New York in person to attend the bell-ringing ceremony. This IPO was priced to issue 177.9 million ADRs (American depositary receipts) at $149 per ADR, raising approximately $26.5 billion in total. It jumped past Alibaba’s $25 billion record set in 2014 in one fell swoop, becoming the largest initial public offering by a foreign company in the United States by scale. In the history of global securities, this scale ranks only behind last month’s SpaceX IPO of $85.7 billion and Saudi Aramco’s 2019 listing of $25.6 billion. Why has a U.S. listing by a Korean storage-chip company drawn such attention from global capital markets? The answer is not in the IPO itself, but in the industry it is in—HBM (high-bandwidth memory)—which has become one of the core strategic resources of the AI era.