SK Hynix's US IPO roadshow receives "extremely positive" feedback, HBM pricing advantage expected to continue into next year

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SK Hynix is riding the wave of AI chip demand, accelerating its plan to list in the US and sending a strong signal of market confidence to investors.

According to Reuters, citing a source, SK Hynix told some investors this week that its US listing plan has received "extremely positive" feedback from shareholders, due to strong AI demand and the company's competitive advantage in the memory chip market.

Meanwhile, the company expects the favorable pricing environment for its high-bandwidth memory chips (HBM) to continue into next year, with customer negotiations currently underway.

The positive signals released during this roadshow have further strengthened market expectations for SK Hynix’s US listing. The company has secretly filed a US listing application this year, with a reported fundraising amount of up to $14 billion, but the exact amount and timetable are not yet determined, as the US Securities and Exchange Commission (SEC) review process is still ongoing.

Market Cap Breaks One Trillion, AI Demand Drives Stock Surge

SK Hynix’s stock has surged 250% so far this year, and last week its market value exceeded 1 trillion yuan, making it the third Asian company—after TSMC and Samsung Electronics—to reach this milestone.

The core driver behind this rally is the explosive growth in demand for advanced memory chips in AI data centers. The rapid expansion of AI computing infrastructure has led to a severe shortage of memory chips, affecting downstream industries such as smartphones and PCs. Top memory chip manufacturers like SK Hynix and Samsung are directly benefiting from soaring chip prices.

As a major supplier to Nvidia, SK Hynix holds a leading position in the HBM market, a competitive edge that has been one of the key reasons investors are responding positively to its US listing plan.

US Listing: Unlocking Access to American Institutional Investors

One of the core logics for SK Hynix’s American Depositary Receipt (ADR) issuance plan is to broaden its investor base. According to a source, some US institutional investors, due to internal authorization constraints, can only invest in stocks listed in the US. A US listing would give SK Hynix direct access to this vast pool of capital.

SK Hynix stated: "SK Hynix plans to issue ADRs by 2026, but the specific details, including scale and timing, have not been determined." At the same time, the company said that due to the ongoing SEC review, it cannot provide concrete updates on the listing process.

Optimistic HBM Pricing Outlook; Supply-Demand Gap May Extend to 2027

In terms of market outlook, SK Hynix has sent relatively positive signals to investors. According to sources, the company expects the favorable pricing environment for HBM chips to continue into next year and is currently negotiating future prices for these advanced memory chips, which are used in AI chipsets, with customers.

Additionally, SK Hynix pointed out that strong demand for LPDDR memory chips—a low-power chip commonly used in phones and tablets—for Nvidia’s next-generation Vera Rubin AI platform may further tighten overall memory market supply starting in 2027.

Facing a potential supply-demand imbalance, SK Hynix said it would adjust its investment plans and product structure to maximize output but also acknowledged that, given that demand is expected to far exceed supply, it may not be able to fully meet all demand.

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