SK Hynix Pumps $26 Billion Into Wall Street as It Shifts Gears on DRAM Strategy
Published on 06/24/2026 at 14:34 | Redaktion boerse-global.de
The South Korean chipmaker is pulling off two bold moves at once: raising one of the largest-ever capital pools through a Nasdaq listing while quietly pivoting its production lines away from next-generation memory chips toward a more profitable standard. SK Hynix is seeking to raise up to 40 trillion won — roughly $26 billion to $30 billion — through American Depositary Receipts, a sum that would dwarf Alibaba’s 2014 record. The proceeds are earmarked for a sprawling expansion of its High Bandwidth Memory capacity, new fabrication clusters, and cutting-edge lithography tools from ASML.
Yet the company is simultaneously tapping the brakes on HBM4, the latest iteration of its AI-focused memory. Instead, it is diverting some HBM3E production lines to crank out more DDR5, the conventional DRAM standard that now offers operating margins of up to 90%. The calculus is simple: near-term margins in DDR5 look too juicy to ignore, especially after reports that Nvidia’s next-generation “Rubin” chip — a key HBM4 customer — is seeing softer production plans. SK Hynix isn’t abandoning the cutting edge, though. On June 18 it shipped samples of its 12-layer HBM4E to major clients, a chip that pushes data rates to 16 gigabits per second per pin while cutting power consumption. The technology is ready; the company is simply waiting for the right market window.
The Nasdaq listing itself is on a tight timetable. SK Hynix plans to issue about 17.8 million new shares — roughly 2.5% of its total equity — priced at 2,555,000 won per share, matching Tuesday’s closing price. Each ADR represents one-tenth of a common share, so individual US-listed securities will trade at 255,500 won. A syndicate led by Goldman Sachs and JPMorgan is shepherding the deal. South Korea’s financial regulator is expected to complete its review by early July, and trading on Nasdaq is slated to begin on July 10, 2026. Domestic new shares will follow later that month.
Should investors sell immediately? Or is it worth buying SK Hynix?
The capital will flow into several mega-projects: the new Yongin semiconductor cluster, a state-of-the-art packaging facility in Cheongju, and a major purchase of ASML’s extreme ultraviolet lithography systems, without which advanced chips cannot be produced. SK Hynix already dominates the HBM market as Nvidia’s and Google’s primary supplier, holding more than 40% of global HBM capacity. The company believes its leadership in HBM3 and HBM3E is secure through the end of 2026, which gives it room to play the DDR5 margin game.
Investors have cheered the aggressive strategy. The stock climbed 2.6% on Wednesday to 2,621,000 won, bringing its year-to-date gain to 287% — though a separate take puts the rally at 282% from a slightly different base. Either way, the surge has been staggering. Analysts expect an operating profit margin of 76% in the current environment, with the DDR5 pivot potentially pushing that figure higher. The stock is still about 12% below its 52-week high, set just on June 22.
The Wall Street listing is also a calculated move to close the valuation gap with US rival Micron Technology. Market observers expect SK Hynix’s ADRs to secure a spot in the Philadelphia Semiconductor Index soon after the Nasdaq debut, further cementing its global standing.
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