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SK hynix explained: The AI memory chipmaker coming to U.S. markets

Quick Takes | June 30, 2026
STRATEGY Leveraged & Inverse
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Leveraged & Inverse
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Key takeaways:
  • South Korea’s SK hynix plans to list in on the U.S. Nasdaq on July 10.
  • The offering could be the second largest U.S. listing in history.
  • The AI boom is powering demand for its high-bandwidth memory chips.
  • ProShares plans to launch the Ultra SK hynix ETF (SKHU), targeting 2x daily returns of SK hynix.

 

The fund's registration statement is not yet effective and may be changed. Shares of funds may not be sold until the registration statement filed with the SEC is effective. This is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

 

SK hynix, one of the world’s leading semiconductor memory companies, is coming to U.S. markets.

As South Korea’s second-largest memory chip maker, the firm supplies cutting-edge technologies powering the AI boom—specifically high-bandwidth memory chips commonly used for AI.

What should investors know about the SK hynix listing?

  • SK hynix is estimated to raise up to $29.4 billion with its U.S. ADR listing.[1]
  • SK hynix is the 2nd largest company in South Korea by market cap, behind Samsung
    Electronics.[2]
  • SK hynix had $92.8 billion in revenue over the last twelve months (through Q1 2026).[3]
  • There are $15 billion to $20 billion in non-U.S. leveraged ETF assets tied to SK hynix.[4]
How big will the SK hynix ADR listing be?

If completed at the current indicative price, SK hynix could surpass some of the largest listings in history, valuing the company at $1.2 trillion. That would make SK hynix the 13th largest company in the world by market capitalization.[5]

 

Largest listings/IPOs in U.S. history

SK Hynix Largest listings in US history bar graph

Source: Reuters, as of 6/06/24.
What is SK hynix?

SK hynix is one of the world’s leading semiconductor memory companies. Based in South Korea, the company designs and manufactures memory chips that help devices, data centers and artificial intelligence systems store, move and process data more efficiently.

In simple terms: SK hynix makes the memory that helps computing systems run faster. That role has become increasingly important as AI workloads require more data, more speed and more energy-efficient infrastructure.

What does SK hynix make?

SK hynix’s core products include:

  • Dynamic Random-Access Memory (DRAM): Short-term memory used by computers, servers, smartphones and data centers to process information quickly.
  • NAND Flash: Long-term storage used in solid-state drives, mobile devices and enterprise storage systems.
  • High Bandwidth Memory (HBM): A specialized form of advanced memory used in AI accelerators and high-performance computing systems. HBM is especially important for AI because it helps move large amounts of data between memory and processors at very high speeds.
Why does SK hynix matter for AI?

AI is not only a story about processors. It is also a story about memory.

Large AI models need enormous amounts of data to be moved quickly and efficiently. As AI systems become larger and more complex, memory can become a bottleneck. That is SK hynix’s competitive strength: its advanced memory products, especially HBM, help AI systems handle more data at faster speeds. In short, it provides a critical component that helps the AI ecosystem function.

What’s driving growth for SK hynix?

SK hynix supplies core technology to Nvidia and is benefitting from the investor appetite for AI stocks. More specifically, investors are watching:

  • AI data center demand: More AI training and inference workloads require more high-performance memory.
  • HBM adoption: Advanced AI accelerators increasingly rely on HBM to improve speed and reduce data bottlenecks.
  • Memory cycle recovery: DRAM and NAND markets are cyclical, but stronger demand and disciplined supply can improve pricing.
  • Next-generation products: SK hynix is investing in newer memory technologies designed for more demanding AI and high-performance computing workloads.
What is HBM, and why is it important?

HBM stands for High Bandwidth Memory. It is a type of memory chip designed to sit close to advanced processors like graphics processing units (GPUs) to deliver very fast data transfer.

AI workloads often require processors to access huge amounts of data repeatedly. HBM helps reduce delays by increasing the amount of data that can move at one time. In practical terms, better memory supports faster AI training, more efficient inference, and more powerful data center infrastructure.

This is why HBM has become one of the most closely watched areas of the semiconductor market.

Why is SK hynix often discussed alongside Nvidia?

Nvidia is a leading provider of AI accelerators, while SK hynix is a leading provider of advanced memory used in AI systems. These companies are connected because AI processors need high-performance memory to maximize efficiency.

As demand for AI infrastructure grows, the market is increasingly focusing on companies that provide essential AI technology building blocks: processors, memory, networking, power, cooling, and data center capacity. SK hynix is one of the key memory companies in that ecosystem.

How could SK hynix's listing affect its competitors and the market?

It’s been a very good year for memory chip makers, including SK hynix rivals like Samsung Electronics and Micron, as the demand and booming construction of AI data centers drives up demand for memory chips. This listing could give SK hynix significant cash resources to deploy into the development of factories and equipment to produce more chips.

How can investors get exposure to SK hynix?

SK hynix is already one of the world’s most-traded stocks, with listings in South Korea and Hong Kong. Investors with access to those markets can also trade leveraged products targeting its daily performance. With its U.S. listing, several U.S. issuers have filed for leveraged ETFs, with funds set to launch after SK hynix’s shares begin trading.

ProShares plans to launch the Ultra SK hynix ETF (SKHU) targeting 2x the daily returns of SK hynix.

The bottom line

Investors may be less familiar with SK hynix compared to other chipmakers or AI names. But the company is one of the world’s leading memory semiconductor companies with a growing role in the AI infrastructure market. It’s already one of South Korea’s most actively traded stocks, and for investors looking at the AI ecosystem, SK hynix is a reminder that AI is not just about software or GPUs. It also depends on the memory, storage and infrastructure that allows those systems to scale. Given its role in supplying this quickly growing sector, investors will be watching SK hynix’s U.S. debut closely.

 

1. Source: Reuters, as of 6/24/26.

2. Source: TradingView, as of 6/29/26.

3. Source: Bloomberg, as of 6/26/26.

4. Source: ProShares, as of 6/29/26.

5. Source: Bloomberg, as of 6/26/26.

STRATEGY Leveraged & Inverse
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Leveraged & Inverse
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