SEOUL, July 27, 2026, 19:08 KST — Seoul session ended with SK hynix advancing 3.2%, while Nasdaq premarket activity remains ahead.
- SK hynix finished higher at 1,816,000 won, gaining 3.24%, following an 8.34% drop on Friday.
- The Nasdaq receipt showed $164.21, representing a premium of roughly 32.8% over its value in Seoul.
- Preliminary consensus estimates quarterly revenue at 84.1 trillion won and operating profit at 64.1 trillion won.
Shares of SK hynix Inc. (KRX:000660; NASDAQ:SKHY) climbed in Seoul on Monday, with gains fueled by a wider chip sector rally and new AI-memory deals.
Shares climbed 3.24% to 1,816,000 won. The ADR showed a 6.24% gain before market open, reaching $164.21 in New York.
The key indicator was the price difference. Every American depositary share is equal to one-tenth of a common share in Korea.
Based on Monday’s exchange rate, Seoul’s closing level was $123.66 per ADS. The premarket ADR premium stood at 32.8%.
| Instrument | Market quote | Comparable value per ADS | Gap to Seoul |
|---|---|---|---|
| Seoul common share | 1,816,000 won | $123.66 | Base |
| Nasdaq ADR | $164.21 premarket | $164.21 | +32.8% |
The calculation applies a rate of 1,468.5 won per dollar and a one-for-10 ADS ratio. Premarket quotes are subject to change before the official session begins.
The difference is significant for U.S. investors, who were spending almost 33% more for identical underlying economic exposure.
Since their Nasdaq listing, the receipts have been trading 16% to 51% higher than shares in Seoul. Conversions between the two instruments start Wednesday, but the amount eligible for conversion is still constrained. This limitation could temper arbitrage activity.
The bounce on Monday regained just 36% of the 160,000-won decline logged on Friday. Over the past week, the share price dropped 4.5% from its last closing value. Shares are currently trading 39.2% under the 52-week peak of 2,987,000 won.
Seoul’s broader market bounced back as well. The KOSPI climbed 0.97%, with Samsung Electronics Co. KRX:005930 advancing 1.8% to 254,000 won.
Agreements reached over the weekend provided a more extended catalyst. Nvidia Corp. NASDAQ:NVDA and SK Group signed letters of intent for an artificial intelligence project valued at more than $500 billion.
SK hynix will provide long-term HBM supplies and collaborate on the development of next-generation AI memory. The inaugural AI factory associated with this partnership is scheduled to launch in 2027.
In a separate statement, presidential adviser Kim Yong-beom said SK hynix plans to provide $750 billion in long-term memory supplies to companies in the United States. Details on yearly delivery quantities were not provided, nor was a specific schedule for revenues.
This puts Wednesday’s earnings in focus as the next key test. A preliminary consensus collected from 14 brokerages projects the results below:
| Metric | Q2 2025 actual | Q1 2026 actual | Q2 2026 preliminary consensus | Q/Q | Y/Y |
|---|---|---|---|---|---|
| Revenue | 22.23 tn won | 52.58 tn won | 84.10 tn won | up 60.0% | up 278.3% |
| Operating profit | 9.21 tn won | 37.61 tn won | 64.10 tn won | up 70.4% | up 595.8% |
| Operating margin | 41.4% | 71.5% | 76.2% | increase of 4.7 pts | rise of 34.8 pts |
Company results and early consensus figures form the basis for margin and growth rate calculations.
Based on those projections, the operating profit for a single quarter would surpass the total for all of 2025 by 35.8%. Last year, the company posted an operating profit of 47.21 trillion won.
KB Securities researcher Kim Dong-won anticipates that global technology and AI data centre clients will account for “70 percent of SK hynix’s total revenue” for the quarter. Yonhap News
Memory prices, HBM demand and capital expenditure will be in focus for investors this week. The clarity on delivery schedules in new supply deals will also be significant.
Risks are apparent. Memory prices could decline, letters of intent might not convert to firm orders, and even with stronger earnings, the ADR premium may contract.
Wednesday presents two challenges: all-time high earnings and the initial conversion window. One evaluates operations, while the other assesses valuation.
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