Micron Technology Inc. (NASDAQ:MU) has long been Wall Street’s go-to AI memory stock, but that could soon change as SK Hynix prepares for what could be a record-breaking Nasdaq debut, bringing Nvidia Corp.‘s (NASDAQ:NVDA) two biggest high-bandwidth memory suppliers onto the same U.S. exchange.
Nvidia’s AI Memory Race
The listing gives U.S. investors direct access to SK Hynix alongside Micron, which has until now been the primary U.S.-listed pure-play memory company benefiting from the AI boom.
Both companies have emerged as beneficiaries of the AI infrastructure buildout, with investors increasingly favoring suppliers of critical components over technology companies that are spending billions to develop AI capabilities.
The South Korean chipmaker has established itself as one of NVIDIA’s largest suppliers of AI memory chips. At the same time, Micron has expanded its presence by qualifying its latest memory products for NVIDIA’s Blackwell platform.
Futurum Equities Chief Market Strategist Shay Boloor said the listing gives U.S. investors “a second direct way to play the AI memory boom” alongside Micron.
A Potential Record Debut
SK Hynix plans to raise as much as 45.45 trillion won ($29.68 billion) through an ADR listing, potentially setting a new record for the largest U.S. ADR listing, surpassing Alibaba Group Holding Ltd.‘s (NYSE:BABA) $21.8 billion listing in 2014.
Pricing is expected to be finalized later this week before trading begins on July 10, Reuters reported on Sunday.
The company, which has a market capitalization of about $1.1 trillion, said it will use the proceeds to expand chip manufacturing and advanced packaging capacity as it ramps up production of next-generation high-bandwidth memory chips (HBM) to meet growing AI demand.
SK Hynix briefly overtook Samsung Electronics last month to become South Korea’s most valuable listed company, underscoring how investors have increasingly rewarded memory makers as AI infrastructure spending accelerates.
Why Micron Investors Should Care
SK Hynix’s listing gives domestic investors unprecedented, liquid access to the world’s reigning high-bandwidth memory king, which currently has a 58% global market share in advanced AI memory compared to Micron’s 21%, according to data by Counterpoint Research. Samsung holds the remaining share.
Shares of SK Hynix closed 3.38% lower on Monday in South Korea.
| Company | YTD | 1 Year |
| SK Hynix | Up 244.76% | Up 761.25% |
| Micron | Up 209.29% | Up 713.51% |
| Samsung Electronics | Up 142.41% | Up 415.40% |
AI Memory Trade Faces Its Next Test
SK Hynix’s Nasdaq debut comes days after a broad selloff in AI-related semiconductor stocks, as investors questioned whether years of aggressive spending on artificial intelligence infrastructure would translate into returns quickly enough.
The pullback weighed on memory makers despite continued optimism around long-term demand.
Former Wedbush analyst Dan Ives called Micron, SK Hynix and Samsung Electronics the “golden jewels” of the AI revolution, saying that recent weakness overlooked persistent demand for high-bandwidth memory chips and tight industry supply.
Benzinga edge rankings indicate MU has a Momentum score in the 99th percentile and a Growth score in the 85th percentile.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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