US investors will soon have access to SK Hynix, another memory maker benefiting from the artificial intelligence boom

South Korean memory chip maker SK Hynix, Samsung’s US-based competitor MicronThe company plans to sell approximately 17.8 million shares in its U.S. IPO He said on Monday. If its shares sell well (and there are indications they will), the company could raise about $28 billion, based on SK Hynix’s stock closing price last Friday in Seoul. Bloomberg reports.

SK Hynix will offer American Depositary Receipts (ADRs), a type of certificate that allows U.S. investors to buy foreign stocks without trading directly on an offshore exchange. Each ADR will represent one-tenth of a common share. Those securities are expected to be priced on Thursday and trading will begin on Friday.

Like Micron, SK Hynix is ​​enjoying an AI-fueled boom that has been credited to AI in both sales and stock price. It said first-quarter revenue was up about 200% compared to the same quarter last year, and its shares are up about 260% so far this year. This is because AI-powered systems consume a lot of memory. As hyperscalers like Amazon, Microsoft, Google, and Oracle raced to build so-called AI factories, and as new AI data centers mushroomed across the country, demand has outstripped supply, leading to a shortage of memory chips — including high-bandwidth memory (HBM), DRAM, and NAND (the different types of chips that store and transmit data inside AI systems). The situation was called “RamageddonApple executives said the shortage was forcing it higher Prices on Mac computers and iPads.

South Korean technology companies, led by SK Hynix and Samsung, pledged To spend more than $550 billion To build new manufacturing capacity to keep pace. This is indeed a risky venture. By the time these facilities are built, the memory needs of the AI ​​may change, leaving it with a larger supply than the market wants, and possibly causing prices to collapse. But right now, Wall Street is looking for another Nvidia and Memory chip makers are among the closest options That they have.

Microns, the closest U.S. comparison, are up nearly 700% over the past year to a Over $1 trillion valuationsupported by record demand and revenue for AI-based memory.