South Korean memory chip giant SK Hynix announced on Monday that it plans to sell approximately 17.8 million American Depositary Receipts (ADRs) in its U.S. initial public offering (IPO), with each ADR representing one-tenth of a share of ordinary stock. Based on Friday’s closing price in Seoul, if the issuance proceeds smoothly, the company could raise up to $28 billion. The ADRs are expected to be priced on Thursday and begin trading on Friday. Like Micron, SK Hynix is benefiting from a surge in demand for storage chips driven by artificial intelligence. First-quarter revenue grew nearly 200 percent year over year, while shares have surged roughly 260 percent this year so far. AI systems rely heavily on memory, prompting hyperscale cloud providers such as Amazon, Microsoft, and Google to compete fiercely in building AI data centers. This has led to shortages of chips including high-bandwidth memory (HBM), DRAM, and NAND—a phenomenon industry observers call “RAMageddon.” Apple executives stated that the shortage has forced them to increase prices for Mac computers and iPads. Led by South Korean tech firms SK Hynix and Samsung, companies have pledged more than $550 billion toward expanding capacity. However, there remains a risk that by the time these factories come online, AI-driven memory needs may shift, potentially resulting in oversupply and sharp price declines. Nevertheless, Wall Street continues searching for the next NVIDIA, making memory chipmakers among the closest options today. By way of comparison, Micron’s stock rose around 700 percent over the past year, pushing its market capitalization beyond $1 trillion.