SK Hynix plans to raise about 29 billion dollars in a Nasdaq listing, with trading expected to start on Friday, July 10. Bloomberg reports it could be the biggest first-time share sale ever by a foreign company on a US exchange.

The South Korean chipmaker supplies the high-bandwidth memory that powers AI computing, and it has become Nvidia’s top provider. Until now, American investors have had no direct way to buy in.

Why this listing matters to US investors

SK Hynix shares trade in Seoul, where foreign retail access is limited. The Nasdaq listing changes that with American depositary receipts under the ticker SKHY.

The timing is a test of appetite. The company’s Korea-listed stock has risen about 770 percent over the last 12 months, though it has pulled back roughly 20 percent from its June peak. On Monday the shares fell 3.38 percent to 2,343,000 won.

A heavyweight in a heavyweight market

South Korea’s KOSPI index is up 87 percent this year, and SK Hynix is a large part of the reason. Together with Samsung, the two chipmakers account for about half the index’s entire market value.

That concentration means the Nasdaq debut carries weight beyond one company. Fortune notes the offering will test how much investors still want AI exposure after two years of heavy buying, and a weak reception would say as much about the AI trade as about SK Hynix itself.

What happens on Friday

The listing is expected to price this week, with the roughly 29 billion dollar raise going live as soon as Friday. That figure would top every previous US debut by a foreign issuer.

Demand for high-bandwidth memory continues to outrun supply, and SK Hynix holds the largest share of that market. The question investors will answer on Friday is what that position is worth on American terms.

Trading under the SKHY ticker is expected to begin on the Nasdaq this Friday, July 10.