SK Hynix to launch $28 billion US listing to ride global AI wave
Yahoo Finance ·
STORY::: SK Hynix South Korean chipmaker SK Hynix is set to launch its U.S. stock sale on Monday, with plans to raise around $28 billion. Regulatory filings show the company will sell nearly 18 million new shares in the depository receipt listing on the Nasdaq, making it one of the world's most valuable tech firms. The final price of the New York sale is due to be set on Thursday, ahead of the stock starting trade on Friday, SK Hynix has been among the world's biggest winners from the AI boom. It supplies high-bandwidth memory chips used in AI systems by customers such as Nvidia and Google. Shares in the firm are up more than 250% this year, as it rides surging global investor demand for AI stocks. The deal is expected to be the second-biggest share sale ever, behind only SpaceX's recent market debut. SK Hynix shares were down around 2% by early afternoon in Asia. Last week the company said it would invest close to $65 billion in South Korea as part of the country's drive to capitalize on AI.
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