Nvidia supplier SK Hynix considers U.S. listing as AI demand surges

South Korea’s SK Hynix said Wednesday it is considering a potential U.S. stock market listing as the world’s No. 2 memory chipmaker sees its valuation climb sharply on rising global demand for artificial intelligence hardware.

In a regulatory filing, the company said it is “reviewing various measures to enhance corporate value, including a U.S. stock market listing utilizing treasury shares,” while noting that no final decision has been made.

A U.S. listing would give American investors direct access to SK Hynix shares, which have risen nearly 230% this year on the Korea Exchange as AI-related chip demand accelerates.

The disclosure came after the Korea Exchange asked the company to clarify a report claiming it had received proposals to list about 2.4% of its shares in the form of American depositary receipts (ADRs). SK Hynix holds treasury shares equal to that amount.

ADRs allow U.S. investors to trade shares of foreign companies through certificates issued by American banks. They generally offer lower liquidity than a full U.S. listing but use existing shares, avoiding shareholder dilution.

Shares of SK Hynix gained 4% on Wednesday following the announcement before giving back some gains on Thursday.

SK Hynix has strengthened its position as a key supplier of high-bandwidth memory (HBM) chips used in Nvidia’s AI processors. A U.S. listing could help narrow its valuation gap with U.S.-listed competitor Micron Technology and rival Samsung Electronics.

The company has also been expanding its global manufacturing footprint. It has committed nearly $4 billion to build an advanced packaging facility in Indiana, aligning with U.S. efforts to boost domestic semiconductor production.

At home, SK Hynix is expected to benefit from growing government support for the semiconductor sector. Reuters reported Wednesday that South Korea is considering a 4.5 trillion won ($3.06 billion) foundry project funded by public and private investment to strengthen local chipmaking capacity. President Lee Jae Myung met with executives from major chipmakers, including Samsung and SK Hynix, to discuss long-term industry plans.