The AI chip boom just produced its biggest Wall Street moment yet. SK Hynix, a South Korean memory chip giant, said Friday it has raised $26.5 billion (KRW 40 trillion) in its US market debut.
SK Hynix sold 177.9 million American depositary shares (ADRs) at $149 each, structured so US investors can buy in at roughly a tenth of what a full share costs in Seoul. This deal, the largest-ever US debut by a non-American company, topped Alibaba’s $25 billion IPO in 2014.