On Thursday, SK hynix (SKHY.US) shares climbed more than 6% to $175.87.

The move follows Alphabet, Google's parent company, raising its 2026 capital expenditure forecast to a range of $195 billion to $205 billion to expand data center capacity for AI demand.

AI servers require significant volumes of high-bandwidth memory (HBM), and SK hynix, being a primary supplier, stands to benefit from its customers' larger spending plans.

Additionally, SK hynix has completed a record US-listed ADR offering. The quota for converting Korean shares into ADRs has reached the 2.5% ceiling of total equity, limiting new supply of US-listed ADRs. Driven by demand, this scarcity of available shares is amplifying the stock's upward momentum.