SK Hynix rises as brokerages launch coverage with bullish ratings

Aug 4 : Recently listed U.S. shares of SK Hynix rose 5 per cent after six brokerages started coverage of the South Korean chipmaker with bullish ratings, citing its dominance in the booming AI memory market and access to a broader global investor base.The American Depositary Receipts of SK Hynix, whose primary listing is in Seoul, were last up at $150.08 on Tuesday. However, they are trading 16 per cent below their July 10 listing price due to a recent pullback in semiconductor stocks.The company had priced its ADRs at $149 for the secondary listing and raised about $26.5 billion, aided by strong investor interest in AI-focused high-bandwidth memory (HBM) chips. Massive AI infrastructure spending has fueled demand for HBM chips, driving up prices and making memory manufacturers key benefic