South Korean memory chipmaker SK Hynix has completed one of the largest US share sales on record, and investors clamored for far more stock than was on offer.
According to Bloomberg (via Techmeme), SK Hynix raised $26.5 billion through an American depositary share offering, selling 177.9 million ADRs at $149 each. Bloomberg describes it as the largest-ever US market debut by a foreign company. Several outlets, including Crypto Briefing and Moneycontrol, framed the deal around a headline figure of roughly $28 billion.
The common thread across sources is demand. The offering was more than seven times oversubscribed, according to Bloomberg — a figure echoed by a source cited by AOL and by reports from Moneycontrol and Crypto Briefing. In plain terms, buyers placed orders for about seven times as many shares as were available.
Coverage framed the deal as a landmark move onto US markets, with Latest news from Azerbaijan pointing to a Nasdaq debut for the company.
The frenzy has practical ripple effects. Bloomberg reports that arbitrage traders eyeing SK Hynix's new depositary receipts are reaching for playbooks they used with Taiwan Semiconductor Manufacturing Co. (TSMC), though many say the comparison only goes so far.
SK Hynix is a major supplier of the high-bandwidth memory chips that pair with AI accelerators, so appetite for its stock is widely read as a gauge of confidence in AI hardware spending.
Why it matters: a record-setting, heavily oversubscribed listing is a fresh signal that investor hunger for AI chip exposure shows little sign of cooling.