SK Hynix raises $26.5B in largest U.S. IPO by non-American company, debuts on Nasdaq
SK Hynix, a South Korean memory chip giant, raised $26.5 billion in its U.S. market debut, the largest-ever IPO by a non-American company, surpassing Alibaba's $25 billion in 2014. The company sold 177.9 million ADRs at $149 each, trading on Nasdaq under ticker SKHYV. The deal underscores the AI chip boom's impact on Wall Street.
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SK Hynix plans U.S. IPO to raise up to $28 billion
South Korean memory chipmaker SK Hynix announced plans to sell nearly 17.8 million shares in a U.S. IPO, potentially raising around $28 billion based on its closing price in Seoul. The company will offer American depositary receipts (ADRs), each representing a tenth of a common share, allowing U.S. investors to buy the stock without trading on an overseas exchange.
DeepSeek plans to develop its own AI chips to bypass US export controls
DeepSeek, the Chinese startup behind competitive LLMs, is planning to enter the silicon business by developing its own AI chips, according to Reuters. The company has been working on the move for about a year, meeting with potential hardware partners and hiring engineers for the project. This move is seen as a response to US export controls that restrict Chinese access to advanced semiconductors.
Apple sues partner over AI partnership dispute, chip stocks wobble on spending debate
A four-year AI partnership has ended in a lawsuit, with Apple taking legal action against an unnamed partner. The case has contributed to volatility in chip stocks as the industry debates AI infrastructure spending. The situation underscores growing tensions in AI collaborations and market uncertainty.
Alibaba launches agentic AI tool for enterprises with Slack, Teams integration plans
Alibaba unveiled a new enterprise AI tool on July 11, 2026, designed as an agentic assistant for businesses. The tool is planned to integrate with Slack and Microsoft Teams, signaling Alibaba's push into enterprise productivity AI.
Apple sues OpenAI for allegedly stealing AI hardware trade secrets
Apple has filed a lawsuit against OpenAI, accusing the company of stealing AI hardware trade secrets in a scheme allegedly driven by OpenAI's head of hardware and other levels of the organization. The lawsuit highlights a pattern of alleged malicious practices by OpenAI.
