South Korean memory-chip maker SK Hynix has pulled off the largest foreign initial public offering in U.S. history, raising $26.5 billion, according to TechCrunch. The company's stock jumped in its Nasdaq debut, rising about 14% on its first day of trading, the Hartford Courant reported.
Investors piled in to cash in on an AI-fueled memory-chip boom. Multiple outlets, including Fast Company and KDVR, framed SK Hynix as a "South Korean AI darling," reflecting how central its memory chips have become to the artificial-intelligence buildout. Memory is a key ingredient in the systems that train and run AI models, and demand has surged amid what several reports called an "AI frenzy."
The debut drew heavy attention on Wall Street. According to MSN's market coverage, the Nasdaq Composite ended nearly flat as investors weighed the high-profile listing, with Nvidia and Meta helping limit losses. Broader indexes ticked higher, with the S&P 500 and Nasdaq headed for a winning week, MSN reported, even as stocks and oil prices largely drifted.
The listing also came with a nudge toward American manufacturing: TechCrunch reported that SK Hynix is being urged to build new U.S. fabrication plants, a sign of pressure to expand chip production on American soil.
CNBC's Jim Cramer, cited by 24/7 Wall St., called SK Hynix the last big IPO of 2026 unless a hyperscaler surprises the market — underscoring how significant this deal is seen to be for the year's dealmaking.
Why it matters: A record-breaking listing by a leading memory-chip supplier signals just how much investor money is flowing toward the companies powering the AI boom.