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SK Hynix Raises $28B on Nasdaq — IPO 7x Oversubscribed, Second-Largest Ever

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SK Hynix, the South Korean memory chip giant and a dominant supplier of high-bandwidth memory for AI accelerators, completed a Nasdaq listing of 177.9 million American Depositary Receipts raising $28 billion — a deal that ranks as potentially the second-largest equity offering in history, trailing only SpaceX. Investor demand overwhelmed supply by more than seven times, a level of oversubscription that signals unusually strong conviction from institutional buyers. The offering lands at a moment when AI infrastructure spending is the central theme driving semiconductor valuations globally.

Why it matters

A $28 billion deal that is seven times oversubscribed is a direct, high-stakes vote of confidence in the AI hardware cycle — specifically in the memory chips that make large AI models run. Investors holding semiconductor ETFs or AI-adjacent names like Nvidia should read this as fresh institutional capital flowing into the thesis. It also raises the competitive profile of SK Hynix as a publicly traded US name, adding a new pure-play memory benchmark to watch.

Watch next

SK Hynix ADR trading debut on Nasdaq (watch first-week price action vs. IPO price). Next Nasdaq-listed semiconductor earnings: Micron Technology quarterly results (~late June). Next major AI capex signal: Microsoft, Google, and Meta earnings calls (~late July).

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