What happened?

SK Hynix is preparing for one of the largest capital raises in stock market history.  The South Korean memory chipmaker plans to list American Depositary Receipts, or ADRs, on the Nasdaq, with the aim of raising up to US$28 billion, or about 43 trillion won.  If priced at the top of the range, it would become the largest ADR offering on record, surpassing Alibaba’s US$21.8 billion New York listing in 2014. We've previously mapped out how value is created across the AI supply chain, where we highlighted SK Hynix as one of the leading suppliers of high bandwidth memory (HBM), a critical component that enables AI accelerators to process large models efficiently by providing the high-speed memory bandwidth needed for AI training and inference. We've also discussed what's driving the broader AI investing theme, and asked the harder question of whether the AI rally has run ahead of fundamentals.  This listing...