SK Hynix raises $26.5 billion in U.S. ADR sale tied to AI boom
What's new: The Nasdaq offering was more than seven times oversubscribed and will help fund new factories and chip equipment.
SK Hynix raised about $26.5 billion after pricing its American depositary receipts at $149 each, in a U.S. share sale that underscores investor demand for companies at the center of the AI chip buildout. The South Korean memory-chip maker plans to use the proceeds for new factories and equipment as demand surges for high-bandwidth memory, a key part of advanced AI processors. The ADRs are set to trade on Nasdaq under the ticker SKHY. The sale also gives SK Hynix broader access to U.S. investors as it competes with Micron and Samsung Electronics and seeks to narrow a valuation gap with its American rival.