Two Blockbuster AI IPOs on the Horizon Could Leave Crypto Further Behind

SK Hynix is set for a blockbuster U.S. IPO on July 10, aiming to raise about $24.5 billion to $28 billion by selling 177.9 million ADRs, with the deal reportedly more than seven times oversubscribed. The back-to-back AI mega deals are reinforcing a rotation of investor capital away from crypto, according to CoinDesk, as China’s Changxin Memory Technologies (CXMT) prepares a 29.5 billion yuan ($4.3 billion) Shanghai IPO with book building starting July 15. The article notes Bitcoin has fallen roughly 50% from its October all-time high to around $63,000 amid stronger demand for AI infrastructure plays.