SK Hynix To Hit Nasdaq Today After the $200B Crash That Micron’s Earnings Just Contradicted

• SK Hynix launches the largest foreign ADR listing in history today, targeting $29B on Nasdaq (SKHY) from July 10, surpassing Alibaba and Saudi Aramco, with $7B in anchor interest
• The listing opens after SK Hynix fell 14.57% on July 2 in a Meta-driven selloff that wiped ~$200B in one session, and after Micron’s June 24 earnings ($41.46B revenue, 24% EPS beat) answered the bear case decisively
• SK Hynix controls 56.4% of global HBM supply, posted a Q1 2026 net profit equal to all of FY2025 in one quarter, and HSBC applies a 20% ADR premium as the valuation discount to Micron is expected to close

SK Hynix’s Nasdaq listing is arriving at a pivotal moment. Just days ago, investors dumped AI memory stocks, wiping roughly $200 billion off the combined value of SK Hynix and Samsung Electronics. This was done on fears that AI infrastructure spending was beginning to cool. Amidst this, the South Korean chipmaker is set to launch its US ADR offering ahead of its planned July 10 Nasdaq debut. Meanwhile, Micron’s blockbuster earnings have challenged much of the recent pessimism.

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The Largest Foreign ADR in History Opens Into a Market That Just Proved the Bear Case Wrong

SK Hynix is launching its American depositary receipt (ADR) offering on July 7, with trading on Nasdaq under the ticker SKHY stock expected to begin on July 10. The company is looking to raise roughly $29 billion, making it the largest ADR offering by a foreign company. This is much ahead of Alibaba’s historic US debut. Each SK Hynix ADR represents one-tenth of a Korea-listed share. Meanwhile, Bank of America, Citigroup, Goldman Sachs, and JPMorgan are leading the deal.

The listing comes just days after one of the semiconductor sector’s sharpest selloffs this year. On July 2, SK Hynix tumbled 14.57%. This came after concerns surrounding Meta’s AI infrastructure strategy triggered a technology rout across South Korea. Samsung Electronics also fell more than 9%, with the two companies shedding roughly $200 billion in combined market value as the KOSPI briefly halted trading to curb volatility.

Despite the selloff, the pressure didn’t last long. Over the past 24 hours, both companies came under renewed pressure, with SK Hynix down 6.66% and Samsung Electronics falling 7.70%. But investors have also had fresh reasons to reassess the AI memory story.

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Micron’s Results Shifted the Conversation

Micron reported fiscal third-quarter revenue of $41.46 billion, comfortably ahead of the $35.84 billion analysts had expected. Adjusted earnings per share reached $25.11, while gross margins expanded to 84.9%. Even more significant was the company’s guidance for fourth-quarter revenue of $49 billion to $51 billion. This was well above consensus estimates, alongside management’s expectation that tight memory supply conditions will likely persist beyond 2027.

These numbers show that AI-driven demand for advanced memory chips remains intact despite recent market volatility. This important for SK Hynix. The company controls about 56.4% of the global high-bandwidth memory (HBM) market and 29.1% of the DRAM market. This makes it one of the biggest beneficiaries of AI infrastructure spending. Its first-quarter 2026 net profit reached ₩40.3 trillion, nearly matching its entire FY2025 earnings in just three months.

HSBC believes the Nasdaq debut could also help close SK Hynix’s long-standing valuation gap with Micron. It could improve access for global investors, assigning a 20% valuation premium following the ADR listing. With roughly $7 billion already committed by anchor investors, the July 10 debut is shaping up as more than a capital raise. It is also a test of whether global investors now view the recent selloff as a temporary shock rather than a change in the long-term AI memory story.

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