South Korea’s SK Hynix on Wednesday confirmed that it is weighing a U.S. listing as the memory chipmaker’s valuation soars on global demand for artificial intelligence hardware.

The company at the center of the AI infrastructure boom said in a regulatory filing that it was “reviewing various measures to enhance corporate value, including a U.S. stock market listing utilizing treasury shares,” while noting that no final decision has been made.

A U.S. listing would give American investors direct access to SK Hynix shares, which have surged nearly 230% so far this year in trading in Seoul on the back of strong AI demand. 

The Korea Exchange on Tuesday asked SK Hynix to address a Korea Economic Daily report that the company had received proposals to list about 2.4% of its shares as American depositary receipts (ADRs) backed by treasury stock.

ADRs are tradable certificates issued by U.S. banks that represent shares in a foreign company. While they tend to trade with lower liquidity than a full U.S. listing, which can deter some investors, ADRs use existing shares rather than new stock, preserving value for existing shareholders.

SK Hynix holds treasury shares equivalent to about 2.4% of its issued stock, according to the company’s investor relations website.

Shares of SK Hynix rose 4% on Wednesday following its statement, before paring gains on Thursday, trading over 2% lower.

The company has cemented its lead in high-bandwidth memory chips, which are used in Nvidia’s AI processors. 

A U.S. listing could help narrow valuation gaps between the company and U.S.-listed memory rival Micron Technology, as well as Samsung Electronics. 

SK Hynix has also been committing significant capital at home and abroad to expand its supply capacity, as it races to keep up with growing AI demand. 

The firm has committed nearly $4 billion to an advanced packaging fab in Indiana, aligning with Washington’s aim to expand domestic chip production. 

SK Hynix is also set to benefit from the government’s growing support of the local semiconductor industry. 

South Korea is considering building a 4.5 trillion won ($3.06 billion) foundry, funded by state and private capital to nurture local chipmakers amid growing demand for AI chips, according to a Reuters report on Wednesday. 

The report added that South Korean President Lee Jae Myung met with executives from chipmakers, including Samsung Electronics and SK Hynix, on the same day to discuss plans to maintain the country’s lead in memory chips and support its local chip manufacturing.