The AI ​​chip boom just produced its biggest moment on Wall Street yet. SK Hynix, a South Korean memory chip giant, said on Friday that it had raised $26.5 billion (KRW 40 trillion) in its US market debut.

SK Hynix sold 177.9 million American depositary shares (ADRs) at $149 each, structured so that American investors can buy them for about a tenth of what a full share costs in Seoul. The deal, the largest debut by a non-U.S. company in the United States, surpassed Alibaba’s $25 billion initial public offering in 2014.

SK Hynix begins trading on the Nasdaq today, Friday, July 10, under the temporary symbol SKHYV. Regular trading begins on Monday, July 13, when the symbol officially becomes SKHY. So far, American investors are enjoying it. The stock opened 14% above its initial public offering price and the price was still rising in early trading on Friday.

This even as it priced its U.S. shares at a 2.7% premium to its own three-day average in Seoul, according to its filing with the Korea Stock Exchange. However, according to media reports, demand for the offering was more than seven times greater than the shares available.

This is especially surprising considering that Korean companies have long traded at a discount to their global peers. That valuation gap is called the Korea Discount. Investors often cite factors such as complex corporate governance structures, low shareholder returns, regulatory uncertainty and geopolitical risks related to North Korea to justify why companies in that country do not command higher stock prices.

But SK Hynix clearly doesn’t suffer from the Korean discount and that’s because SK Hynix makes memory chips, including high-bandwidth memory (HBM). HBM is a key component of AI GPU processors. And right now, Nvidia relies on SK Hynix as one of its main suppliers.

According to its presentation, the money raised from eager American investors will go to three places: a new factory in South Korea (which is now being built to address the global memory shortage caused by AI); a new packaging facility in that country; and EUV scanners, the machines that make next-generation chips possible.

Meanwhile, US Secretary of Commerce Howard Lutnick visited a Micron event on Thursday with a message for the chip industry as a whole, not just US memory maker Micron (which is one of SK Hynix’s biggest competitors). Lutnick reportedly said he is already in talks with Samsung (the third largest memory maker globally) and SK Hynix about building new factories in the US. The idea is to not allow South Korea to remain the country that dominates this important technology.

Micron, naturally, is in. It announced that it plans to invest $250 billion in new manufacturing in the United States, a commitment that the American memory chip company says will create more than 90,000 jobs and maintain cutting-edge chip production on American soil.

The timing of Lutnick’s request is notable beyond this US IPO for SK Hynix: Both Korean chipmakers just pledged more than $550 billion for new manufacturing investments in South Korea.