S.Korean chipmaker's IPO breaks stock market records as AI boom continues

South Korean semiconductor manufacturer SK Hynix has made history with what is reported to be the largest-ever US stock market listing by a foreign corporation, giving American investors direct access to one of the biggest beneficiaries of the artificial intelligence boom.

The company began trading on July 10 at $149 per share in a listing expected to raise about $26.5 billion. If confirmed, the transaction would surpass the previous record for a foreign company listing in the United States, as CNN reports, set by Chinese e-commerce giant Alibaba, which raised $25 billion in its 2014 initial public offering.

The milestone reflects the continued strength of investor demand for companies positioned to benefit from the rapid expansion of AI infrastructure.

SK Hynix has emerged as one of the world's leading suppliers of high-bandwidth memory (HBM) chips, a critical component used in AI accelerators powering data centres. Surging investment in AI computing capacity has significantly increased demand for advanced memory products, helping drive technology stocks to record highs this year.

The enthusiasm for AI technology has also lifted South Korea's broader equity market. Strong gains in SK Hynix and Samsung Electronics—the world's largest memory chipmaker—helped propel South Korea's stock market past Canada in May to become the world's seventh-largest by market capitalisation. Together, the two companies account for roughly half of the benchmark Kospi index, and both have seen their market values climb sharply amid the AI-driven rally.

However, the surge has also contributed to heightened market volatility. According to CNN, intense buying activity—particularly among retail investors seeking exposure to the AI sector—has amplified swings in South Korean equities. Several sharp sell-offs have triggered temporary trading halts on the country's stock market this year.

Despite those fluctuations, fund managers say investor appetite for AI-related assets remains strong.

“The strong demand for the offering suggests global appetite for AI infrastructure remains intact, despite recent volatility,” Jung In Yun, chief executive officer of Fibonacci Asset Management Global, told CNN.

The listing underscores how demand for AI infrastructure continues to reshape global equity markets, with semiconductor manufacturers increasingly viewed as some of the sector's biggest long-term beneficiaries.

By Nazrin Sadigova