Former OpenAI researcher who formed Situational Awareness; recent fund meltdown led to major asset sale to Citadel
SK Hynix has raised $26.5bn by selling 177.9m American depositary receipts at $149 each, in the largest-ever US share sale by a foreign company. Its ADRs have begun trading on Nasdaq under temporary ticker SKHYV and will convert to SKHY; the company is using proceeds to expand fabs, packaging and EUV capacity as AI-driven memory demand surges.
South Korea’s Kospi has surged and then tumbled in line with AI-driven moves by Samsung and SK Hynix. Regulators have paused leveraged ETFs as retail traders chase high-risk bets, while global investors watch the country as a barometer for AI demand.
Memory-chip stocks have surged on AI demand but face a sharp pullback as investors reassess valuations and the U.S. listing gap for SK Hynix widens, with analysts expecting volatility to persist into the next quarter.
A prominent AI-focused hedge fund has faced a dramatic unwind as its momentum-driven bets unravel, forcing asset sales and triggering collateral calls. Citadel has stepped in to acquire many of the fund’s publicly traded holdings, while the fund continues to hold private investments, including a stake in Anthropic.