SK Hynix’s US debut – a $26.5 billion sale of shares via American depositary receipts (ADRs) – opened 14% above its offering price, putting AI chips back in focus as chip stocks swung. Because SK Hynix is already publicly traded overseas, this was not a traditional initial public offering (IPO); the ADRs create a US-listed version of the stock, making it easier to trade for US investors facing constraints like market hours, custody, and fund allowances. The deal priced at $149 and opened at $170, a strong first signal of demand even as chip sentiment looked shaky: Reuters noted Micron fell 3% and the Philadelphia SE Semiconductor Index slipped 0.8% on the day. That contrast matters because markets are trying to price long-term excitement about AI infrastructure alongside near-term worries about valuations, inflation, and interest rates. Interactive Brokers strategist Steve Sosnick noted that a US ADR can lower barriers to owning and trading SK Hynix, and when access improves and trading deepens, investors typically demand less extra return for the hassle of holding a harder-to-trade stock. More day-to-day buying and selling tied to the AI-chip story may run through SK Hynix’s ADRs, which can speed up how sentiment shows up in semiconductor benchmarks like the Philadelphia SE Semiconductor Index and in close peers such as Micron.