South Korean chip firm SK Hynix raised $26.5 billion in its New York listing, making it the biggest ever public raise by a foreign company in the US, and underscoring investors’ appetite for tech stocks.
Despite its massive cash haul, the firm — which in 12 months has sextupled its market valuation to above $1 trillion — faces tough competition as the US-China AI race heats up: CXMT, founded by a US-trained entrepreneur, is racing to reduce China’s reliance on chip imports, while Meta recently vowed to join other Big Tech firms in developing their own semiconductors.
“A growing pie is big enough for everyone,” Deloitte wrote. “But others will be looking for signs that it’s more of a zero-suming.”
