SK Hynix가 미국 상장을 향해 진행 중이며, 주요 메모리 공급업체의 미국 주식 자본시장 진출을 의미합니다.

In June 2026, South Korean memory giant SK Hynix is accelerating its entry into Wall Street. The undisputed leader in high-bandwidth memory (HBM) plans to list on Nasdaq through American Depositary Receipts (ADRs) under the ticker "SKHY," marking one of the largest recent U.S. listings by a foreign company.

Founded in 1983 as Hyundai Electronics Industries Co., Ltd., SK Hynix spun off from Hyundai Group in 2001, changed its name to Hynix Semiconductor, and was acquired by SK Group in 2012. Headquartered in Icheon, South Korea, and led by CEO Kwak Noh-jung, the company specializes in memory semiconductors including DRAM, NAND Flash, and MCP. It faced a debt crisis in 2002 when it nearly sold itself to Micron Technology, and recorded a 7.73 trillion KRW operating loss in 2023 as global memory chip prices fell. Today, it stands as a leading global supplier of AI memory.

Unlike Samsung Electronics, which spans consumer electronics, logic chips, and memory chips, SK Hynix focuses exclusively on memory semiconductors, positioning it to capture more of the AI-driven HBM demand. The company had pioneered HBM technology ahead of the AI boom, establishing industry leadership through products like HBM2E. It now supplies memory products for AI chips to Nvidia and Google among other customers, with its partnership with Nvidia evolving from component procurement to deep strategic integration.

SK Hynix confidentially submitted its SEC registration statement in March 2026. On June 24, the company announced plans to issue depositary receipts worth up to 45.45 trillion won (approximately $29.4 billion), with Bank of America, Citi, Goldman Sachs, and JPMorgan serving as lead underwriters. Trading is expected to begin on Nasdaq on July 10, with each ADR priced at 255,500 won. Proceeds will fund construction of Phase 1 of the Yongin Semiconductor Cluster wafer fab, the Cheongju P&T7 advanced packaging plant, and equipment investments including EUV lithography machines.

SK Group Chairman Chey Tae-won stated that listing in the U.S. expands the shareholder base beyond South Korea and increases exposure to U.S. and international investors. CEO Kwak Noh-jung remarked at the annual shareholders' meeting that the company hopes to have its value re-evaluated in the U.S. market alongside major global tech firms.

Since the beginning of 2026, SK Hynix's stock price has surged over 300%, with gains exceeding 800% over the past year. During intraday trading on June 22, the stock briefly rose over 6% to 2.95 million KRW, pushing its market capitalization past 2,082 trillion KRW and momentarily overtaking Samsung Electronics to become South Korea's most valuable listed company—the first time since November 2000 that Samsung Electronics has relinquished this position.

In the first quarter of 2026, SK Hynix reported revenue of 52.58 trillion KRW, a 198% year-on-year increase, and operating profit of 37.61 trillion KRW, up 405% year-on-year. This represented a 72% operating margin, exceeding Nvidia's 65% during the same period. Market consensus expects second-quarter operating profit between 62 trillion and 65 trillion KRW, with some brokerages raising forecasts above 68 trillion KRW.

For 2025, SK Hynix's revenue reached 97.15 trillion KRW, a 47% year-on-year increase, while operating profit rose 101% to 47.21 trillion KRW—marking the first time its annual operating profit surpassed Samsung Electronics. HBM sales more than doubled year-on-year, rising to 42% of total revenue.

SK Hynix's dominance in the HBM market is unquestionable. According to Counterpoint Research data released June 25, 2026, SK Hynix held 58% of the global HBM market in Q1 2026 by revenue, while Samsung Electronics and Micron each held 21%. The company supplies over 60% of Nvidia's HBM and has secured over two-thirds of Nvidia's HBM orders for the Vera Rubin platform, with expected market share exceeding 50% in HBM4.

Samsung Electronics is actively catching up, having begun mass-producing HBM4 in February to supply Nvidia. On June 5, Nvidia CEO Jensen Huang confirmed that SK Hynix, Samsung, and Micron have all passed qualification and started HBM4 production for Nvidia's next-generation Vera Rubin platform. As AI chip power consumption approaches 1,000W and stacked layers continue to rise, thermal management has become the focus of HBM technological competition, with the three manufacturers launching differentiated cooling solutions including iHBM, HPB, and TSV liquid cooling.

U.S. investors will soon be able to purchase SK Hynix ADRs directly through Nasdaq. The ADRs are expected to be included in the Philadelphia Semiconductor Index (SOX), attracting asset allocation from passive funds. Alternatively, investors can access SK Hynix indirectly through U.S. semiconductor ETFs currently holding positions in the company.

The Roundhill Memory ETF (DRAM), launched April 2, 2026, is the market's first "pure-play memory ETF," with over 50% of its revenue derived from HBM-related businesses. Its holdings include memory chip companies difficult for U.S. investors to buy directly, such as SK Hynix, Samsung Electronics, and Kioxia.

The Franklin FTSE South Korea ETF (FLKR) tracks the FTSE South Korea Index with holdings highly concentrated in South Korean large-cap stocks. SK Hynix is the largest holding at 31.33%, with SK Hynix and Samsung Electronics combined accounting for over 51%.

The iShares MSCI South Korea ETF (EWY), the largest South Korea ETF in the U.S. market, holds SK Hynix as its top position at nearly 30%, with Samsung Electronics exceeding 20%. The two combined account for approximately 48% of the fund's total assets. Since 2026, this ETF has gained over 90%.