SK Hynix plans $28B US IPO as memory chip demand surges

SK Hynix's planned IPO reflects a broader bet by Wall Street that memory chipmakers are among the closest public market proxies for the AI infrastructure boom. The company's near-200% revenue growth in the first quarter and 260% stock-price surge this year are direct outcomes of acute memory shortages as hyperscalers race to build AI factories. However, the industry's own response—SK Hynix and Samsung's commitment to spend over $550 billion（約88兆円） on new manufacturing—carries significant execution risk: if memory demands for AI shift or plateau by the time those facilities come online, the supply glut could reverse, crashing prices and eroding the very tailwinds that are now driving valuations.

For U.S. investors, the IPO signals another entry point into the memory-chip bet. Micron's 700% surge to a $1 trillion（約160兆円） valuation shows how aggressively the market has repriced these companies. SK Hynix's move to list ADRs in the U.S. removes a friction point for American investors who would otherwise have to trade directly on Seoul exchanges, likely expanding demand and access to the stock.