SK Hynix and CXMT IPO boom could pull capital away from crypto

The U.S.-blocked company plans to use the proceeds to upgrade production lines and technology after posting explosive growth, including first-quarter revenue of 50.8 billion yuan, up 700% year-on-year. Reuters estimates CXMT held around 7.7% of the global DRAM market last year.

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These deals follow SpaceX (SPCX) and Cerebras (CBRS), two AI-related listings that have fueled enthusiasm across semiconductor and memory stocks. Together they reinforce a broader theme: investors are allocating fresh capital to companies building the infrastructure behind artificial intelligence rather than to crypto assets.

Bitcoin BTC$62,482.89 has fallen roughly 50% from its October all-time high to around $63,000, as investors have increasingly favored AI infrastructure plays over digital assets.

The pipeline is far from empty.

OpenAI and Anthropic have both been discussed as companies that could eventually command valuations approaching $1 trillion.

While market expectations had pointed to IPOs as early as this year, however, growing investor unease over AI valuations and a cooling in semiconductor shares could delay those listings until 2027.

Even so, another wave of AI mega offerings would likely continue drawing liquidity away from crypto.