SK Hynix jumps 13% in Nasdaq debut after biggest foreign IPO in US history
SK Hynix closed up 13% on its Nasdaq debut after raising $26.5 billion — the largest US listing ever by a foreign company, beating Alibaba's 2014 record.
Investor appetite for anything touching artificial intelligence has a new record to show for itself. South Korea’s SK Hynix, maker of the memory that feeds Nvidia’s AI chips, debuted on the Nasdaq with a 13% jump to $168.01, after an offering that raised $26.5 billion.
Why is this debut historic?
Because it is the largest-ever US IPO by a foreign company, beating the record Alibaba had held since 2014 ($25 billion). Demand ran seven times above supply, the depositary receipts were priced at $149, and the stock will trade under the ticker SKHY. Deal details are on SK Hynix’s investor relations pages.
What does SK Hynix make, and why is it worth so much?
It is the world leader in high-bandwidth memory (HBM), the component AI accelerators consume in industrial quantities. Group chairman Chey Tae-won summed up the moment without false modesty: demand is “enormous” and shows no sign of shrinking. The money raised goes to new plants and equipment — the race for production capacity is now the sector’s real battleground.
For anyone following markets from Portugal, the signal is clear: the AI cycle keeps pulling semiconductors and US indices along, one of the running threads in our daily markets tracker.
By Beatriz Mota
Image: Nielsoncaetanosalmeron / Wikimedia Commons (CC BY 4.0)