Nvidia supplier SK Hynix eyes Nasdaq listing to capitalise on AI stock boom
SK Hynix is reportedly targeting an August Nasdaq debut, betting on AI-driven investor appetite after a 230% share surge
SK Hynix is leaning toward Nasdaq over the New York Stock Exchange for its planned US listing, according to Reuters’ sources familiar with the matter, as the South Korean memory chipmaker looks to tap into investor enthusiasm for AI-linked stocks ahead of a possible August debut.
It follows a stellar year for SK Hynix shares, having risen by around 230% since the start of the year and reaching a valuation of over $1 trillion in May.
As the second-largest memory chip manufacturer in the world and a major supplier of Nvidia, SK Hynix is one of the best-positioned firms to benefit from the surge in artificial intelligence through its dominance in high-speed memory chips that are needed in AI servers.
There are already several leading players in the technology sector listed on the Nasdaq exchange, such as Nvidia, Microsoft, Amazon, Alphabet, and rival SK Hynix to Micron, which has risen approximately 248% this year relative to 11% gains for the Nasdaq Composite Index.
Kim Sunwoo from Meritz Securities observed that passive funds have taken over the majority portion of the world's investments from active funds, and passive funds happen to invest mainly in stocks that trade on the Nasdaq stock exchange, a trend that made the Nasdaq stock exchange an interesting platform for new businesses.
It is important to mention that SK Hynix will join the ranks of SpaceX after it goes on board the same Nasdaq for its initial public offering, and the company is supposed to trade on the same day. The firm made an announcement in March about going public, and a source claimed that SK Hynix could raise up to $14 billion.
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