Citi tops Korea IB rankings after leading SK hynix's $26.5b US IPO

SK Hynix is expanding its AI memory business through investments in fabs in China, Japan, Korea, and the USA, and fundraising for its subsidiary Solidigm. The company is also developing high-bandwidth flash and co-packaged optics to meet AI demand. Solidigm, valued at $36 billion, aims to raise $7.2 billion, with potential investors including Techbridge Investment and Mubadala.

SK Hynix workers rejected a 6.3% pay raise offer by a narrow margin, with 50.08% voting against. The deal included changes to bonus structure, increasing stock-based payouts. SK Hynix reported record Q2 revenue of 79.3 trillion won and operating profit of 60.5 trillion won. Shares fell 4.9% on Tuesday.

The SEC has subpoenaed Goldman Sachs, JPMorgan, Citigroup, and Bank of America regarding their ties to AI hedge fund Situational Awareness, which faced losses in July. The regulator seeks details on the fund's trades and communications with the banks, per the New York Times.

The SEC subpoenaed major banks, including Goldman Sachs, JPMorgan Chase, Citigroup, and Bank of America, for information on their dealings with the AI-focused hedge fund Situational Awareness, which nearly collapsed in July. The fund, which managed $45 billion at its peak, lost $35 billion after margin calls. Its portfolio was heavily concentrated in AI infrastructure stocks like Sandisk and Micron. Citadel purchased the fund's portfolio at a discount and has since unwound most of the risk.

The SEC has reportedly subpoenaed Goldman Sachs, JP Morgan, Citigroup, and Bank of America regarding their ties to AI hedge fund Situational Awareness, which saw assets drop from $45B to $10B in July. The fund, led by ex-OpenAI researcher Leopold Aschenbrenner, faced margin calls and sold positions to Citadel at a discount. SK Hynix and CoreWeave were among the affected holdings. The SEC seeks details on trades, leverage, and communications, but no wrongdoing has been alleged.

SK Hynix (000660) shares dropped 3.6% after a union rejected a wage agreement, which included a 6.3% raise and a revised profit-sharing bonus. The company and rival Samsung have faced scrutiny over profit distribution. Tech stocks were also pressured ahead of Nvidia's earnings report.