South Korean memory chip maker SK Hynix, a rival to Samsung and US-based Micron, plans to sell nearly 17.8 million shares in an initial public offering in the United States, the company said on Monday. If its shares sell well (and there are signs they will), the company could raise around $28 billion, based on the closing price of SK Hynix shares last Friday in Seoul, Bloomberg reports.

SK Hynix will offer American depositary receipts (ADRs), a type of certificate that allows American investors to buy foreign stocks without trading directly on a foreign exchange. Each ADR will represent one tenth of an ordinary share. It is expected to price those securities on Thursday and begin trading on Friday.

Like Micron, SK Hynix is ​​experiencing an AI-driven boom, with AI attributable to both sales and stock price. Its first-quarter revenue was up nearly 200% from the same quarter last year, he said, and its stock is up about 260% so far this year. This is because systems running AI consume a lot of memory. As hyperscalers like Amazon, Microsoft, Google, and Oracle rush to build so-called AI factories, and as new AI data centers mushroom across the country, demand has outstripped supply, creating a shortage of memory chips, including high-bandwidth memory (HBM), DRAM, and NAND (the different types of chips that store and move data within AI systems). The situation has been called “RAMageddon.” Apple executives said the shortage is forcing it to raise prices for Mac computers and iPads.

South Korean technology companies, led by SK Hynix and Samsung, have pledged to spend more than $550 billion creating new manufacturing capacity to keep up. In reality, it is a risky undertaking. By the time those facilities are built, memory needs for AI may change, leaving them with more supply than the market wants and potentially driving prices down. But for now, Wall Street is looking for another Nvidia, and memory chip makers are among the closest options they have.

Micron, the closest US comparison, has soared nearly 700% over the past year to a valuation of more than $1 trillion, driven by record AI-driven memory demand and revenue.