SK Hynix $29 Billion US Listing to Seize on Memory Frenzy (1)

SK Hynix Inc. is seeking 45.45 trillion won ($29.4 billion) in a US listing, tapping investor demand for high-flying memory-chip stocks even after a major selloff shook the group this week.

The offering of American depositary receipts comes after SK Hynix’s Seoul-traded stock climbed about 850% in the past 12 months, lifting the company’s market value above $1 trillion. Investor sentiment around semiconductor companies linked to AI has been volatile, with their overall rise punctuated with sharp swings in both directions.

Companies have been raising record amounts to fund the buildout of AI infrastructure in recent months. SpaceX held ...