The massive South Korean memory-chip company SK Hynix made a strong debut in the United States on Friday, indicating that American investors are still optimistic about memory stocks despite their recent decline. SK Hynix American Depositary Shares, or ADSs, commenced trading on Friday at $172, reflecting an increase of approximately 15% over the offering price established the previous day. The stock concluded the day at $168.49, down from its peak of $177. SK Hynix represents the largest foreign listing in history on a U.S. exchange, securing over $26 billion for the preeminent global supplier of high-bandwidth memory and NAND flash memory.

The offering was reportedly seven times oversubscribed. The listing arrives at a pivotal juncture for the memory and chip stocks that propelled the market to unprecedented heights in the previous quarter. Shares of U.S. competitor Micron were up 325% since the start of the year when the company’s blow-out earnings report last month lifted them to a record high, but the stock has since slumped about 20%. SK Hynix and its South Korean counterpart Samsung have exhibited parallel trends, with the latter experiencing a decline earlier this week, notwithstanding a remarkable 19-fold surge in quarterly profit.

Investors are engaged in a discourse regarding the sustainability of the chipmakers’ remarkable growth trajectory, while simultaneously realising profits from the most significant beneficiaries of the recent market rally. Some analysts contend that the recent pullback may indicate a transformation in the rally, as investors exhibit greater discernment with their capital.