South Korea’s top memory chip manufacturer revealed plans on Wednesday to raise nearly $30 billion through a U.S. equity offering.
Bitcoin slid back toward the $60,000 mark, hitting that level for the second time this month and continuing to underperform even as broader risk markets showed strength.
Gold and oil also extended their declines, slipping below key thresholds — with gold dropping under $4,000 per ounce and oil falling beneath $70 per barrel.
The weakness across crypto, commodities, and energy coincided with a rebound in technology stocks following Tuesday’s brief pullback, as the AI-driven rally continued to attract investor capital and attention.
In a major development, SK Hynix’s planned fundraising could rank among the largest overseas listings since Saudi Aramco’s $26 billion IPO in 2019.
By midday, the Nasdaq had risen 0.8%, while bitcoin was down 3.2%, underscoring a growing divergence between equities and digital assets.
Investor sentiment around bitcoin appears to be shifting. Hedge fund billionaire Philippe Laffont expressed increasing concern, noting that investors now have more alternatives than in previous cycles.
“I’m less certain about bitcoin’s outlook,” he said, pointing out that firms like SpaceX and emerging AI companies offer clearer long-term growth narratives, while the growing adoption of stablecoins has diminished bitcoin’s uniqueness as an alternative asset.
