SK Hynix is eyeing a massive $29 billion US listing on Nasdaq. The listing may be the biggest-ever first-time US share sale by an overseas firm. SK Hynix is one of the primary rivals of Micron (MU). Along with Samsung, SK Hynix and Micron, make up the “big three” in AI memory chip manufacturing. With SK Hynix making a US debut, we may see some liquidity drainage from other companies in the sector. Let’s discuss.

When Will SK Hynix Begin US Trading After Listing?

According to reports, SK Hynix will begin trading on Friday, July 10, 2026. SK Hynix aims to to issue 17.79 million new American Depositary Receipts (ADR). An ADR is a certificate issued by a US bank. It represents shares of a foreign company. ADRs let US investors buy and sell those shares on US stock exchanges without buying the stock directly from a foreign market. In SK Hynix’s case, 10 ADRs will represent one common share.

SK Hynix’s US listing aims to generate funds for expanding manufacturing capacity and purchasing advanced chipmaking equipment. The global AI surge has led to a significant decline in chip availability, especially AI memory chips. Some have even accused the big three of artificially pumping up prices. The situation went as far as Micron, SK Hynix, and Samsung being slapped with a class action lawsuit by 17 plaintiffs. The plaintiffs allege that the companies coordinated to drive up prices.

Will Micron Stock Face A Liquidity Drain?

Micron (MU) is the only US company among the big three AI memory chip manufactures. Given the small clique of members, there is a possibility that Micron will face a liquidity drain after SK Hynix’s US debut. A similar pattern was seen ahead of SpaceX’s (SPCX) highly anticipated debut.

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There is also a possibility that SK Hynix’s US listing will lead to additional investments for both companies. Micron (MU) could benefit from the competition and continue the upswing it has experienced in the last year.