SK Hynix
Memory chip maker. 56% of global HBM market. $1 trillion valuation. Nasdaq listing: July 10, 2026. T
Nasdaq listing size
$28 billion (largest foreign listing in US history)
Q1 2026 operating margin
72% (higher than Nvidia's 65%)
HBM global market share
56.4% (no other company is close)
2025 revenue
$65 billion (up nearly 3x from 2023)
2026 revenue forecast
~$235 billion (analysts, LSEG)
IPO demand
7 times oversubscribed
From Hyundai Spin-off to AI Kingpin
Milestone
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Era
HBM is not ordinary RAM. It stacks up to 12 layers of DRAM dies vertically, connects them with thousands of through-silicon vias, and delivers memory bandwidth of over 1.2 terabytes per second per package. A standard DDR5 module tops out at roughly 60 GB/s. That 20x difference is what makes modern AI training possible at scale.
SK Hynix's Korea-listed stock rose 770% in the 12 months before the Nasdaq debut, even after a 20% pullback from its June 2026 peak. The US listing gives American retail investors direct access to the dominant HBM supplier without routing through Korean won FX exposure.
The $4 billion West Lafayette, Indiana plant is not just a manufacturing site. It is an advanced packaging facility where HBM stacks are assembled and tested. Completion is targeted for 2028. It is the first SK Hynix production operation on US soil.
"The partnership between Nvidia and SK Hynix is foundational to the AI era. HBM is not a commodity. It is the reason modern AI training works.
"Jensen Huang
