$28 billion for HBM: SK Hynix pours IPO proceeds into AI chip bottleneck

SK Hynix will raise $28 billion through a Nasdaq listing priced July 10, channeling proceeds directly to balance sheet for capacity expansion of high-bandwidth memory—the stacked DRAM inside Nvidia's H100 and H200 chips. Supply has lagged AI demand since 2023. The capital targets capex-intensive fabs with extreme ultraviolet lithography, addressing the infrastructure constraint that has limited generative AI scaling.