In its New York share offering, South Korean computer chip manufacturer SK Hynix raised $26.5 billion (£19.8 billion), making it the largest foreign company listing in US history.
The business, a major supplier to Nvidia, a major manufacturer of AI chips, announced on Thursday that it had sold 177.9 million US depositary shares for $149 apiece. On Friday, the shares’ first day of trading on the Nasdaq saw a 17% increase. The surge in demand for AI chips helped SK Hynix’s market value surpass $1 trillion in its native nation in May.
Together with Samsung Electronics, its share price has more than tripled in South Korea this year, contributing to a more than 70% increase in the benchmark Kospi index over the same period.
SK Hynix is one of the top producers of memory chips worldwide. The hundreds of billions being invested on AI have significantly boosted the sector. In recent months, shares of competitors Micron and Samsung Electronics have more than doubled.
The launch follows the International Monetary Fund’s (IMF) announcement this week that a global surge in AI infrastructure spending is helping protect tech-heavy economies such as South Korea from the growth-stifling consequences of the Middle East conflict.
Also Read:
Oil Prices and Stock Markets are Still Erratic Due to Concerns That the Iran War May Stretch On
Zelensky Worries That Trump’s Attack on Iran May Harm Ukraine
