After a nearly 800% explosion, this AI supplier is about to make its U.S. debut and could signal if the market can still boom—or is headed for a bust

South Korean chipmaker SK Hynix isn’t one of the Magnificent 7 stocks but is in a class of its own after pulling off a stunning rally on the back of the AI boom, and it’s about to land on U.S. markets.

Shares will list on the Nasdaq and are expected to start trading on Friday, raising about $29 billion in what could be the biggest-ever first-time share sale by a foreign company.

That’s after SK Hynix’s Korean-listed stock has shot up 770% over the last 12 months, even after a 20% selloff from a peak in June.

The surge even outpaces Micron Technology’s 700% rally over the same time, with makers of memory chips emerging as critical enablers of AI agents. And SK Hynix is the top supplier of high-bandwidth memory after becoming Nvidia’s favorite provider.

While SK Hynix’s U.S. stock listing won’t be as big as SpaceX’s $86 billion IPO last month, it could serve as a key barometer for the market.

In fact, the Korean company has already sent ripples around the world. Comments from SK Hynix last month that........

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