SK Hynix: AI chip maker debuts on Nasdaq and consolidates largest foreign offering in the US

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South Korean chip manufacturer SK Hynix debuted this Friday (10) on the Nasdaq as one of the biggest offerings ever made in the United States by a foreign company. The operation raised US$26.5 billion (R$135.6 billion) and was second only to SpaceX's record offering, which raised US$86 billion (R$440.1 billion) last month.
SK Hynix had already been traded on the Seoul stock exchange for years. What happened this Friday was the debut of the company's shares in the USA through the so-called American Depositary Receipts (ADRs), receipts that represent shares in foreign companies and allow them to be traded on the American market.
In other words, the company did not go public in the USA. It simply started to offer a new way for American investors to access their shares.
Shares traded in the US opened with an appreciation of 14%, at US$ 170 (R$ 870.40) per share, above the price defined in the offer, of US$ 149 (R$ 762.88).
The operation placed the company among the largest foreign companies to directly access American investors and reinforces the market's interest in companies linked to the advancement of artificial intelligence (IA).
The offer should help SK Hynix expand its investments, including the construction of new factories, in addition to giving the company direct access to one of the largest investor bases in the world.
South Korea and China have increased their investments to strengthen their chip industries and reduce dependence on foreign technology. While South Korea seeks to consolidate its leadership in semiconductors, with large contributions from companies such as SK Hynix and Samsung, China is also accelerating its plans to develop its own chain of artificial intelligence and advanced chips.
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What does SK Hynix do?
SK Hynix is one of the world's leading manufacturers of memory chips, components responsible for storing and processing large volumes of data.
A The company, headquartered in Icheon, South Korea, is the world's largest manufacturer of high-bandwidth memory (HBM) chips, a technology essential for processing large volumes of data in artificial intelligence systems.
These components are used in advanced computing equipment, including graphics processing units (GPUs) developed by companies such as Nvidia and AMD to power increasingly sophisticated AI models. billions of dollars in building infrastructure to support this new generation of systems.
According to an analysis by Bank of America Securities released this week, global investments in cloud infrastructure and artificial intelligence could approach US$ 1.5 trillion (R$ 7.68 trillion) by 2027, with annual growth between 40% and 50%.
This movement has increased demand for more advanced chips and transformed component manufacturers, such as SK Hynix, into some of the most followed companies in the market.
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Demand exceeds the quantity offered by seven times
Entry on Nasdaq allows SK Hynix to expand its exposure among international investors, especially in the USA, where some of the largest technology companies in the world are located.
The offer received demand more than seven times greater than the number of shares available, according to a source interviewed by Reuters.
For Giuseppe Sette, co-founder of the investment analysis platform Reflexivity, the American listing represents a way of taking advantage of investors' interest in the artificial intelligence sector and reducing the difference in valuation in relation to American competitors.
Despite the strong demand, analysts believe that companies that try to follow the same path may find a more selective market, especially given concerns about the high prices of technology stocks and the possibility of a slowdown in investments in AI.
Micron logo in illustration. The company surpassed Meta and Tesla in market value driven by demand for artificial intelligence chips.
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Demand for HBM chips has increased in recent years because companies that develop computers and servers focused on artificial intelligence need these components to expand processing capacity.
High demand has transformed these semiconductors into sought-after products and benefited manufacturers operating in this segment.
American competitor Micron also had strong appreciation in the last year, with an increase of 711% in 12 months. SK Hynix registered an increase of 630% in the same period.
Before its US debut, however, SK Hynix shares had fallen around 25% from the record reached two weeks earlier, following a recent slowdown in semiconductor stocks.
Even though it is a leader in the AI memory segment, SK Hynix currently trades for around 5.8 times expected earnings for the coming years, while Micron is valued at approximately seven times this indicator, according to data from LSEG.
* With information from Reuters

Source: G1