ENTAH MENGAPA NENEK TIDAK INGIN DI TENGOK DI MALAM HARI.... DON'T LOOK AT GRANDMA

JAKARTA — South Korean chipmaker SK Hynix made its long-awaited U.S. market debut through the sale of American Depositary Receipts (ADRs), a move that puts ENTah MENGAPA NENEK TIDAK INGIN DI TENGOK DI MALAM HARI…. DON’T LOOK AT GRANDMA at the center of a fresh test of global investor appetite for the companies powering the artificial intelligence (AI) boom amid uncertainty in the wider chip market.

The move positions SK Hynix as a key player seeking to tap Nasdaq’s higher valuations.

The Icheon-based company sold the ADRs at $149 each, a 2.7% premium to the average share price in Seoul over the previous three trading days.

The capital raised will fund a new factory and give the company direct access to the world’s largest pool of investors.

Why Is the U.S. Market the Main Target?

Giuseppe Sette, co-founder of investment analytics platform Reflexivity, said the move offers U.S. investors the purest way to buy into the AI memory theme. Until now, there has been a wide valuation gap between U.S. chipmakers such as Micron and SK Hynix.

SK Hynix trades at about 6.8 times projected earnings, while Micron is valued at roughly 13 times. Listing in the U.S. is expected to help narrow that gap.

SK Hynix’s success in the offering is closely tied to its position as the world’s biggest producer of high-bandwidth memory (HBM). HBM chips are essential components used in graphics processing units (GPUs) from Nvidia and AMD. Massive demand from tech giants building AI infrastructure has turned the product into a scarce and highly sought-after commodity.

What It Means for Investors and the Industry

For investors in Indonesia and abroad, SK Hynix’s move underscores that capital spending on AI infrastructure remains extremely strong. According to BofA Securities, global cloud and AI infrastructure capital expenditure is projected to approach $1.5 trillion by 2027. That figure reflects year-on-year growth of about 40% to 50%.

But the optimism is coming with new concerns. After a yearlong rally in chip stocks, investors are starting to question how much return will come from such heavy spending.

Matt Kennedy, an analyst at Renaissance Capital, warned that fears of oversupply always hang over the chip industry and could slow spending if major tech companies begin to pull back.

Looking ahead, other semiconductor players may face a more selective market. SK Hynix was able to move ahead smoothly on the strength of its HBM dominance story, but companies hoping to follow will face close scrutiny from investors who are increasingly demanding proof of efficiency behind the AI surge.

Quick FAQ:

What is the ADR issued by SK Hynix? An ADR is a security that allows U.S. investors to hold shares in a foreign company without dealing directly with the listing rules of the company’s home market.

Why is SK Hynix important for AI? It is a market leader in HBM chips, which serve as a high-performance backbone for GPUs used in advanced AI models.

Will the chip-stock rally continue? While AI infrastructure spending is expected to keep rising through 2027, investors are now becoming more cautious and selective about the risk of a future slowdown in tech spending.