AI IPOs draw billions from crypto markets

• Two major AI listings are attracting billions of dollars from investors, increasing competition for investment capital.
• SK Hynix plans to raise up to US$28 billion, while CXMT is preparing a US$4.3 billion IPO.
• Analysts say continued AI listings could reduce investment flows into cryptocurrencies.

SK Hynix and Changxin Memory Technologies are launching major public offerings that are attracting billions of dollars from investors instead of cryptocurrencies such as Bitcoin (CRYPTO:BTC).

SK Hynix aims to raise between US$24.5 billion and US$28 billion, while reports said the offering has already been more than seven times oversubscribed.

Changxin Memory Technologies plans to raise about 29.5 billion yuan (US$4.3 billion) through a Shanghai listing to expand chip production and upgrade technology.

The company reported first-quarter revenue of 50.8 billion yuan, up 700% from a year earlier, while Reuters estimated it held about 7.7% of the global DRAM market last year.

The listings follow other AI-related offerings and reflect continued investor demand for companies building artificial intelligence infrastructure.

At the time of reporting, Bitcoin price was $63,224.60.