South Korean chip firm SK Hynix raises $26.5B in US IPO

South Korean chip firm SK Hynix raised $26.5 billion in its New York listing, the largest public raise by a foreign company in the US, with its valuation sextupling in a year to over $1 trillion. The firm faces competition as the US-China AI race intensifies, with CXMT aiming to reduce China’s reliance on chip imports and Meta developing its own semiconductors.