SK Hynix Delays HBM4 Rollout and Reallocates Lines as $29 Billion Nasdaq Listing Approaches
Published on 07/08/2026 at 08:14 | Redaktion boerse-global.de
SK Hynix is gearing up for its Nasdaq debut on July 10, seeking to raise roughly $28 billion to $29 billion from the sale of 17.79 million new shares via American Depositary Receipts — each ten ADRs representing one ordinary share. The offering has already attracted $7 billion in anchor commitments from Baillie Gifford Overseas, Coatue Management and Situational Awareness Partners. Yet behind this show of international demand, the South Korean memory giant is quietly recalibrating its production strategy in a way that signals a more cautious near-term view of the high-bandwidth memory market.
The company has begun shifting some HBM3E production lines away from the next-generation HBM4 transition and back toward standard DDR5 DRAM. The logic is straightforward: DDR5 currently commands higher operating margins and the market is suffering from supply tightness. Management sees no urgency to accelerate the HBM4 retooling, partly because of uncertainty surrounding Nvidia’s upcoming “Rubin” chip generation, a major customer for SK Hynix’s HBM products. The decision allows the company to capture extra revenue in the broader memory market while retaining the flexibility to pivot back when demand crystallises.
That tactical shift sits alongside an enormous capital expenditure plan. SK Hynix is spending nearly 12 trillion won (roughly $8.6 billion) on EUV lithography systems from Dutch equipment supplier ASML, with deliveries scheduled through December 2027. The machines will be installed in the Cheongju factory that produces HBM chips and at the new Yongin semiconductor complex. The Nasdaq listing is intended to finance this expansion and close the valuation gap with US peers, while also giving international investors easier access to the stock.
Should investors sell immediately? Or is it worth buying SK Hynix?
Back in Seoul, the ride has been anything but smooth. The shares closed at 2,201,000 won on Tuesday, down 12.07% in a single week. Even so, the stock remains 17.79% higher over 30 days and has surged 232.50% since the start of the year. Monday’s close sits 24.6% below the 52-week high of 2,987,000 won set on June 25. The relative strength index of 47.4 suggests neither overbought nor oversold conditions, but the annualised 30-day volatility of 113% underscores how jittery the domestic market is right now.
The government in Seoul is providing a supportive backdrop. Last week it unveiled a 576-billion-dollar industry program to build a large-scale manufacturing hub, with SK Hynix and Samsung Electronics expected to play central roles. That public backing may help steady nerves as the company prepares for its first cross-border listing.
Attention now turns to Thursday, when SK Hynix management will set the final issuance price for the ADRs. The first trade on the Nasdaq on Friday will test whether the strategic dance between chasing DRAM margins and betting on the next HBM generation resonates with the American investors who have already pledged $7 billion to the cause.
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