"Former OpenAI Researcher Makes Bold Multi-Billion Dollar Bet on SK hynix Ahead of Blockbuster Nasdaq Listing"
Hedge Funds and Investment Firms Signal Intent to Acquire up to USD 7 Billion
SK hynix is set to list on the Nasdaq on July 10, and large-scale investment intentions have been expressed by a hedge fund founded by a former OpenAI researcher, as well as UK-based long-term investment manager Baillie Gifford.
According to the Financial Times (FT) and other sources on July 6 (local time), the hedge fund Situational Awareness, established by former OpenAI researcher Leopold Aschenbrenner, along with UK investment company Baillie Gifford and tech-focused investment firm Coatue, have indicated that they could acquire up to USD 7 billion (about KRW 10 trillion) worth of American Depositary Shares (ADS) to be issued by SK hynix.
Situational Awareness is a hedge fund known for its proactive investments in artificial intelligence (AI)-related stocks. Aschenbrenner, a former OpenAI researcher, is recognized for his strong outlook on the growth potential of the AI industry and has stood out for his investments in related sectors.
SK hynix plans to use the funds raised for investment in production facilities. Most of the capital will be allocated to the construction of semiconductor manufacturing plants in Korea, while a portion will be used to purchase extreme ultraviolet (EUV) lithography equipment produced by ASML in the Netherlands. EUV equipment is a critical component for the production of advanced memory semiconductors.
AI demand has driven SK hynix’s performance significantly higher. In 2025, SK hynix’s revenue reached KRW 97.1 trillion, a 47% increase year-on-year, while profit more than doubled to KRW 42.9 trillion. In the first quarter of this year, revenue nearly tripled year-on-year to KRW 52.6 trillion.
The share price also soared. With rapidly growing demand for high-bandwidth memory (HBM) used in AI data centers, SK hynix shares have surged by more than 750% on the KOSPI market over the past year. As a result, the company’s market capitalization has grown to KRW 1,663 trillion, or approximately USD 1.1 trillion.
The global memory market is experiencing a supply shortage due to increased investment in AI data centers. The world’s top three memory manufacturers—SK hynix, Samsung Electronics, and U.S.-based Micron—have all surpassed USD 1 trillion in market capitalization this year. As high value-added memory, including HBM, emerges as a core component of AI infrastructure, investors are re-evaluating memory companies.
Meanwhile, SK hynix will issue 17.79 million new shares in the form of American Depositary Shares (ADS) during this Nasdaq listing. This represents roughly 2.5% of the total shares. The offering is structured to allow its controlling shareholder, SK Square, to maintain a stake of at least 20%. The U.S. shares are scheduled to begin trading in New York this Friday.
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SK hynix plans to raise approximately USD 28 billion through this share sale. This is considered one of the largest listings of an Asian company on the New York Stock Exchange.
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