SK Hynix jumps 13% in Nasdaq debut after $26.5 billion ADR sale

SK Hynix rose 13% in its Nasdaq debut after pricing its American depositary receipts at $149 and raising about $26.5 billion in a US share sale, one of the biggest foreign listings in the American market. The stock closed at $168.01 after opening at $170. The South Korean memory-chip maker plans to use the proceeds for new factories and equipment as demand for high-bandwidth memory, a key component in AI chips, continues to outstrip supply. The company is a major supplier to Nvidia and is seeking to narrow its valuation gap with US rival Micron Technology while extending its lead over domestic competitor Samsung Electronics.