SK Hynix debuts on Nasdaq after $26.5B share sale
Business
SK Hynix, the South Korean chipmaker powering much of today's AI, just made its debut on the Nasdaq, and it was a big one.
Shares shot up 14% after a $26.5 billion share sale, showing that investors are still excited about AI chips even as some worry about slower spending in the industry.
SK Hynix stock up about 630%
SK Hynix's stock has soared an incredible about 630% since last year, thanks to its high-bandwidth memory chips used in AI tech.
The company plans to use its fresh funds to build more factories and boost data center capacity outside South Korea, aiming for 5 gigawatts.
Listing on Nasdaq also helps SK Hynix close the gap with US rivals like Micron and attract even more global attention as demand for AI keeps growing.