$BTC SK Hynix U.S. Stock ADR Raises Record $26.5 Billion

SK Hynix finalizes Nasdaq ADR offering, raising $26.5 billion, surpassing Alibaba's 2014 IPO, setting a new record for foreign companies raising funds in the U.S. Institutional oversubscription exceeds 7 times, with the issue price at a 3% premium to its Korean stock price, fully demonstrating global capital's extreme enthusiasm for the AI memory track.
My personal core view: This listing is not a bailout due to lack of funds, but a high-position financing under the industry's high prosperity. Currently, HBM has become a rigid demand for AI computing power. The company's Q1 profit margin exceeded 70%, with ample cash flow. All proceeds will go to the Yongin wafer fab, HBM advanced packaging, and EUV equipment, accelerating expansion to seize high-end storage, binding North American cloud vendors, while opening long-term financing channels in the U.S. stock market to hedge against geopolitical supply chain restrictions.
But risks cannot be ignored: The AI memory dividend attracts Samsung and Micron to simultaneously expand production on a large scale. After 2027, supply will be released intensively, and the current ultra-high net profit margin is difficult to sustain in the long term. The cyclical nature of memory has not disappeared. Once AI capital spending slows, prices will quickly come under pressure.
At the industry level, the capital barriers for Korean memory leaders have further widened, solidifying the global memory oligopoly. For the domestic supply chain, long-term import dependence on HBM and advanced packaging equipment and materials remains under pressure, increasing the urgency for domestic substitution.