AI IPOs Eat Wall Street's Lunch While Bitcoin Tracks the Decline

SK Hynix is set to raise between $24.5 billion and $28 billion through a U.S. listing on July 10, a deal that has reportedly been more than seven times oversubscribed, according to Bloomberg. The South Korean memory chipmaker (000660) is selling 177.9 million American depositary receipts, drawing interest from global long-only funds, sovereign wealth funds and specialist technology investors, with Baillie Gifford, Coatue Management and Situational Awareness Partners flagged as buyers of up to $7 billion in shares. Proceeds will fund new manufacturing capacity and advanced chipmaking equipment to meet AI demand.

China is following with a semiconductor debut of its own. Changxin Memory Technologies (CXMT), the country's largest DRAM maker, will begin book building on July 15 for a 29.5 billion yuan ($4.3 billion) Shanghai IPO, with subscriptions opening a day later, according to Reuters. The U.S.-blocked company plans to use the proceeds to upgrade production lines and technology after posting first-quarter revenue of 50.8 billion yuan, up 700% year-on-year, with Reuters estimating CXMT held around 7.7% of the global DRAM market last year.

These back-to-back offerings follow the listings of SpaceX (SPCX) and Cerebras (CBRS), reinforcing a broader pattern of capital flowing toward AI infrastructure rather than digital assets. Bitcoin (BTC) has fallen roughly 50% from its October all-time high to around $63,208.90, as investors increasingly favor AI plays over cryptocurrencies.

The deal pipeline extends well beyond the latest two filings. OpenAI and Anthropic have both been discussed as companies that could eventually command valuations near $1 trillion, and the recent wave of listings highlights how fresh capital continues to move into the buildout behind artificial intelligence. Market participants tracking rotations between crypto and AI infrastructure are watching whether successive mega-deals draw additional liquidity away from digital assets in the quarters ahead.