SK Hynix, the South Korean memory chip giant that supplies Nvidia with critical components, made history Friday with the largest-ever U.S. stock debut by a foreign company. Shares opened at $170 each, raising $26.5 billion and surpassing Alibaba’s previous record, according to the Associated Press and CNN. The listing caps a remarkable run for a firm that briefly overtook Samsung as South Korea’s most valuable company after hitting a $1 trillion valuation in May.

The company is one of three major players riding a wave of demand for DRAM and high-bandwidth memory (HBM), chips that have become essential for AI data centers. Tech giants like OpenAI, Microsoft, and Google rely on DRAM to power their AI servers, while HBM is packaged inside Nvidia’s Blackwell Ultra chips. As of June 2026, SK Hynix controls 29% of the global DRAM market, trailing Samsung’s 38% and ahead of Micron’s 22%, according to Counterpoint data.

Despite their dominance, the three chipmakers are struggling to keep up with orders. They are prioritizing high-paying AI customers over device makers who need memory for phones, computers, and gaming consoles. SK Group chairman Chey Tae-won said in June the company plans to expand capacity over the next five years to address a shortage that Bloomberg reports could last until 2030.

Source: The Verge