SK Hynix hits the U.S. stock market as demand for memory chips soars amid AI frenzy
Investor demand topped 7 times the shares on offer as the chipmaker tapped U.S. markets to fund new factories and equipment.
- South Korean tech giant Hynix made its United States trading debut on the Nasdaq, raising roughly $26.5 billion by selling American depositary shares at $149 each.
- Driven by euphoria surrounding artificial-intelligence technology, Hynix's stock has surged 634% over the last year, creating real profits through surging demand for computer memory.
- The Dow Jones Industrial Average rose 0.2% as the 10-year Treasury yield held steady at 4.55%, where it was late Thursday.
- Geopolitical tensions escalated after President Donald Trump stated the "Cease Fire is OVER" following unclaimed airstrikes in Iran, raising concerns about potential blockages in the Strait of Hormuz.
- Next week will feature critical earnings reports from Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Wells Fargo on Tuesday, testing market expectations for profit growth.
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The deposit certificates of the South Korean chip manufacturer are traded at the technology exchange Nasdaq well above the issue price.
South Korean Chip Giant SK Hynix Raises $26.5 Billion in US Debut - The Thinking Conservative News
On July 9, the South Korean memory-chip giant raised $26.5 billion, pricing its American Depositary Receipts—also known as ADRs—at $149. The post South Korean Chip Giant SK Hynix Raises $26.5 Billion in US Debut appeared first on The Thinking Conservative News.
South Korean chip company SK Hynix rose 14 percent to $170 per share on Friday during its IPO in New York. The introductory price was $149 per share. With the IPO, SK Hynix raised $26.5 billion from investors on Wall Street, intended for investments in new factories and equipment, among other things. "It is a kind of dream, and it has come true," CEO Chey Tae-won told CNBC.
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