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

SK Hynix climbed 13% in its Nasdaq debut Friday after the South Korean memory-chip maker raised US$26.5 billion by pricing its American depositary receipts at US$149. The stock closed at US$168.01 after opening at US$170. The company is listing as US investors seek exposure to one of the biggest beneficiaries of the AI boom. SK Hynix is the leading supplier of high-bandwidth memory chips used with Nvidia processors, and demand for the offering was reported at more than seven times the shares available. The company said the funds will help finance new factories and equipment as chipmakers race to expand capacity.