New Delhi, June 26 -- SEOUL - Three months ago, SK Hynix was quietly discussing a potential U.S. listing at around $14 billion. When the company confirmed its plans this week, the target had grown to $29.65 billion. The gap between those two figures is a precise measure of how dramatically AI infrastructure ambitions have inflated since March, and of how completely SK Hynix has positioned itself at the center of every major AI investment made anywhere on the planet.

The South Korean memory maker said Wednesday it plans to sell American depositary receipts on the Nasdaq Global Select Market, with trading expected to begin July 10, subject to regulatory approval. At the top of its range, the offering would surpass both Saudi Aramco's $25.6...