Major foreign media called it a "glitzy debut" for SK hynix, which listed on Nasdaq through American depositary receipts (ADR). SK hynix closed at $168.49 on its first day on Nasdaq, up 13.08% from the offer price.
On the 10th (local time), SK hynix entered Nasdaq through ADR.
Bloomberg said the "historic debut (of SK hynix) is a market bet that the artificial intelligence (AI) boom will fundamentally change the 'boom-and-bust' cycle that has dominated the memory semiconductor industry for decades."
Bloomberg also noted that SK Group Chairman Chey Tae-won assessed that the "memory industry is no longer a cyclical industry." Chey said the rise in long-term supply contracts with client corporations means the memory industry is no longer a cyclical business as in the past.
Bloomberg said, "This U.S. stock market listing capped an astounding comeback story for SK hynix."
The New York Times (NYT) also described it as "the latest test of investor demand for AI-related corporations."
The Wall Street Journal (WSJ), in an article titled "Historic U.S. debut of a Korean memory chipmaker rattles the market," said, "SK hynix's historic U.S. trading debut helped revive AI investor sentiment."
Reuters, in an article titled "SK hynix makes successful U.S. market debut amid AI frenzy," said the first-day performance of SK hynix ADR showed that, although the recent rally in semiconductor stocks had cooled somewhat, investor enthusiasm remained intact.
Major Wall Street investment experts and analysts were optimistic that the listing of SK hynix ADR suggests the fever for AI Semiconductor investments could continue.
Thomas Hayes, chairman of Great Hill Capital, told Reuters, "Global semiconductors are currently the hottest investment destination in the world," adding, "The underwriters and the issuer (SK hynix) have confirmed a high valuation and are looking to capitalize on it."
Dan Coatsworth, markets principal at U.K. investment platform AJ Bell, said, "Demand for stock offerings in the United States was stronger than some expected," adding, "This suggests the memory chip rally has not peaked but may simply be pausing for breath."
Giuseppe Sette, co-founder of the investment analytics platform Reflexivity, said, "(SK hynix ADR is) the most straightforward large-cap way for U.S. investors to play the AI memory theme."
He added, "SK hynix got the transaction done on the strength of a corporate growth story, but those that follow may face a tougher and more selective market."