First up, from Bloomberg via The Edge (Singapore), March 24:
SK Hynix Inc plans to spend 11.9 trillion won (US$7.9 billion or $10 billion) on cutting-edge extreme ultraviolet (EUV) lithography chipmaking tools from ASML Holding NV, deepening a push into next-generation memory to sate quickening AI demand.
The order — valid through 2027 — marks one of the largest of its kind, underscoring how chipmakers are racing to secure the EUV gear essential to mass-producing the world’s most sophisticated semiconductors.
SK Hynix’s decision reflects the intensifying competition with Samsung Electronics Co to supply the most advanced memory required for Nvidia Corp AI accelerators. EUV machines can cost hundreds of millions of dollars apiece and are critical for advanced DRAM and high-bandwidth memory. Other major buyers of ASML’s gear include Samsung and Taiwan Semiconductor Manufacturing Co.
For ASML, the deal reinforces its central role in the global chip industry....
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And from Bloomberg, March 23:
SK Hynix Eyes Up to $10 Billion From Potential US Listing, Daily Says
SK Hynix Inc. is seeking to raise 10 trillion won to 15 trillion won ($10 billion) from a potential listing in the US, the Korea Economic Daily reported, as companies rush to increase capacity to meet memory chip demand fueled by the artificial-intelligence boom.
The South Korean chipmaker plans to issue new shares for a listing of American depositary receipts, the publication said, citing industry sources it didn’t name. SK Hynix is earmarking the potential proceeds for building AI infrastructure such as a semiconductor cluster in Yongin, South Korea, as well as for expanding capacity for memory products, the Daily said.
“Various measures to enhance shareholder value, including ADRs, are currently under review,” an SK Hynix spokesperson said in response to the report. “However, nothing has been finalized.”
A US listing would give the company access to a fresh pool of investors and could help SK Hynix narrow a gap in its valuation compared with global competitors. The company has been one of the biggest global winners of the rush for memory chips. A 364% gain in its shares has been one of the key drivers in South Korea’s benchmark Kospi index rising 110% in the past year.
“Once US institutional investors gain direct access to the AI infrastructure theme through an ADR, the premium multiple that SK Hynix’s dominant HBM position truly deserves could finally be reflected in its valuation,” said Ha SeokKeun, chief investment officer at Eugene Asset Management Co.
The deal, if it were to pan out, would rank among the biggest New York listings by foreign companies. Asian issuers that have already been listed in the US include chipmaker Taiwanese chipmaker Taiwan Semiconductor Manufacturing Co....
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