Major AI stock listings accelerate capital shift away from crypto markets
A new wave of high-profile artificial intelligence companies entering public markets is attracting billions of dollars from investors globally, further strengthening the rotation of capital from cryptocurrencies into AI-related assets.
Artificial intelligence has become more than just a dominant investment theme. It is also absorbing funds that could have previously been allocated to other areas of the financial market, including digital currencies.
The latest example is SK Hynix’s upcoming blockbuster IPO on July 10. The South Korean semiconductor giant plans to raise between $24.5 billion and $28 billion by selling 177.9 million American depositary receipts. Bloomberg reported that investor demand for the offering has surpassed available shares by more than seven times.
The listing has attracted interest from major institutional investors, sovereign wealth funds, and technology-focused investment firms. Companies such as Baillie Gifford, Coatue Management, and Situational Awareness Partners have reportedly expressed interest in acquiring shares worth as much as $7 billion. SK Hynix intends to use the proceeds to expand manufacturing operations and purchase advanced chipmaking equipment to support rising demand from the AI sector.
China is also preparing a major semiconductor market debut. Changxin Memory Technologies (CXMT), the country’s largest DRAM manufacturer, is expected to begin book building for its Shanghai IPO on July 15. The company plans to raise around 29.5 billion yuan ($4.3 billion), with subscriptions opening shortly afterward, according to Reuters.
CXMT will use the funds to upgrade production facilities and enhance semiconductor technology following rapid growth. The company reported first-quarter revenue of 50.8 billion yuan, marking a 700% increase year over year. Reuters estimates CXMT accounted for roughly 7.7% of the global DRAM market last year.
These offerings follow recent AI-focused listings involving companies such as SpaceX and Cerebras, which have fueled strong investor interest in semiconductor, memory, and AI infrastructure stocks.
Together, these developments highlight a broader market shift: investors are increasingly directing fresh capital toward companies building the hardware and infrastructure needed for artificial intelligence rather than crypto assets.
Bitcoin has fallen nearly 50% from its October all-time high, trading around $63,000, as investors increasingly favor AI-related opportunities over digital assets.
The pipeline for major AI public offerings remains active.
OpenAI and Anthropic have both been discussed as potential future IPO candidates, with valuations that could potentially approach $1 trillion.
Although some investors had expected these listings to take place as early as this year, concerns about stretched AI valuations and weakness in semiconductor stocks could push those plans into 2027.
Even with possible delays, another wave of massive AI offerings could continue pulling liquidity away from cryptocurrency markets as investors seek exposure to the rapidly expanding artificial intelligence sector.
