South Korean semiconductor giant SK Hynix, a supplier to Nvidia Corp., plans to raise as much as 45.45 trillion won ($29.43 billion) through an American Depositary Receipts (ADR) listing on the Nasdaq market, slated for July 10, according to a company regulatory filing on Wednesday. The firm will issue 17.79 million new shares, with 10 ADRs corresponding to one common share, and funds will be used for building a chip factory in Yongin, an advanced packaging fab in Cheongju, and acquiring chipmaking equipment. The offering, overseen by BofA Securities, Citigroup Global Markets, Goldman Sachs, and JPMorgan Securities, would surpass Alibaba Group Holding Ltd.’s $21.8 billion 2014 New York debut if priced at the top end of its range. The announcement follows SK Hynix surpassing Samsung Electronics to become South Korea’s most valuable company; on Monday, its shares surged 5.7%, raising its market capitalization to approximately 2,082.5 trillion won ($1.35 trillion). The tech-heavy KOSPI index plunged roughly 10% on Tuesday, but Wedbush analyst Dan Ives called SK Hynix, Micron Technology, and Samsung the "golden jewels" of the AI revolution, citing strong demand and limited supply of high-bandwidth memory chips.