SK Hynix solidigm unit cancels initial public offering plans

SK Hynix has canceled its plans to launch a United States initial public offering for its chip unit Solidigm, CNBC and investingLive reported. The decision comes during a week of wider market volatility across the artificial intelligence sector, according to CNBC. [1][2][3]

Bilyonaryo Business reported that SK Hynix put the public listing on hold after authorities in Seoul raised concerns. The unit was previously eyed at a valuation of up to 150 billion dollars, according to investingLive. [3][4]

The canceled listing coincided with broader declines in tech equities. CNBC reported that the Nasdaq dropped to end the week down 0.7 percent, while credit default swap spreads widened and neocloud stocks fell. [1][2]

Alphabet shares fell 6 percent ahead of its third-quarter earnings report, making it the worst performer among hyperscalers, CNBC reported. Shares of Microsoft and Amazon each fell by less than 1 percent. [1][2]

SK Hynix is a South Korean semiconductor manufacturer that produces flash memory and dynamic random-access memory chips. It ranks alongside Samsung Electronics and Micron as one of the three largest global memory vendors. [5]