US Commerce Secretary Presses Chipmakers as SK, Samsung Chiefs Engage Washington
SK Hynix said it plans to use part of the roughly $26.5 billion (about 35 trillion won) raised from its ADR listing to fund back-end investments in Gwangju and South Jeolla, and will convert currency for the purpose — a move seen as supportive for the won.
Meanwhile, Bloomberg reported that US Commerce Secretary Howard Lutnick, speaking at a Micron Technology groundbreaking event, pressed Samsung Electronics and SK Hynix to build more factories in the United States, seen as a pointed remark given SK Hynix's plan to redirect US-raised capital toward Korean investment.
SK Group Chairman Chey Tae-won reportedly traveled to the US to attend SK Hynix's Nasdaq opening-bell ceremony, while Samsung Electronics Chairman Lee Jae-yong is expected to meet Nvidia CEO Jensen Huang again later this month, fueling speculation about expanded Gwangju investment and potential Nvidia investment in Korea. Domestic semiconductor equipment stocks rallied on the news.