In brief
SK Hynix, a key memory‑chip supplier to Nvidia, raised $26.5 bn in a New York listing, marking the largest foreign‑firm offering on the Nasdaq. The shares surged 17% on debut, reflecting pent-up demand for AI chips and a $1 trillion market value at home. The successful offer signals a new chapter for US‑based AI growth and serves as a “yardstick” for memory‑chip enthusiasm. Investors, keen to tap into the AI boom, saw the company charge a 2.9% premium, and the raise will fund new plants and R&D in South Korea. Meanwhile, other AI‑powered firms such as SpaceX continue to set fundraising records.
South Korean chip maker SK Hynix topped its own market cap at $1 trillion in May, then capped the world’s biggest ever foreign‑firm United States offering with a $26.5 bn raise on the Nasdaq. The company sold 177.9 million American depositary shares at $149 each, and the shares jumped as high as 17% on their first day of trading.
The surge came from a demand that was more than seven times the number of shares available, allowing SK Hynix to price the shares 2.9% above the initial plan. Investors were eager to gain exposure to the memory‑chip supply chain that fuels AI giants such as Nvidia, and the listing offers a simpler path for U.S. capital to flow into Korean technology.
The company’s move coincides with a worldwide AI‑driven chip boom, and a similar, larger donation was made by SpaceX, raising $85.7 bn during its own June debuts. Analysts point out that SK Hynix plans to channel the proceeds into building new plants and advancing high‑end chip technologies in South Korea.
"We’re using the money we’re raising from this US listing to expand our manufacturing and R&D in Korea," said Shanti Keleman, co‑chief investment officer at Seven Investment Management. The listing, however, carries potential risks; a recent university professor warned that the shift of capital to the U.S. stock market could have dampening effects on the South Korean exchanges.
For companies looking to capture the momentum of AI‑generated demand, SK Hynix’s successful debut will serve as a benchmark for other memory‑chip makers. With the sector’s shares in rivals such as Samsung Electronics and Micron doubling in recent months, market watchers are noting how this offering may signal sustained investor enthusiasm for high‑performance memory solutions.
Related: How AI is reshaping Asia’s tech industry
Additional reporting by Francisco Velásquez
