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SK Hynix raises $26.5B in the biggest foreign IPO in US history, is urged to build new US fabs

The AI chip boom just produced its biggest Wall Street moment yet. SK Hynix, a South Korean memory chip giant, said Friday it has raised $26.5 billion (KRW 40 trillion) in its U.S. market debut.

SK Hynix sold 177.9 million American depositary shares (ADRs) at $149 each, structured so U.S. investors can buy in at roughly a tenth of what a full share costs in Seoul. This deal, the largest-ever U.S. debut by a non-American company, topped Alibaba’s $25 billion IPO in 2014.

The company begins trading on the Nasdaq today, Friday, July 10, under the temporary ticker SKHYV. Regular trading opens Monday, July 13, when the ticker officially becomes SKHY. So far, U.S. investors are lapping it up. The stock opened at 14% over its IPO price, and the price was still rising in early trading on Friday.

This even as it priced its U.S. shares at a 2.7% premium to its own three-day average back home in Seoul, according to its Korea Stock Exchange filing. Yet, demand for the offering was reportedly more than seven times the available shares, per media reports.

That’s especially amazing considering Korean companies have long traded at a discount to their global peers. That valuation gap is called the Korea Discount. Investors often cite factors such as complex corporate governance structures, low shareholder returns, regulatory uncertainty, and geopolitical risks related to North Korea to justify why companies from that country don’t command higher share prices.

But SK Hynix clearly isn’t suffering from the Korea Discount and that’s because it makes memory chips, including high-bandwidth memory (HBM). HBM is a key component of AI GPUs processors. And right now, Nvidia relies on SK Hynix as one of its primary suppliers.

Per its filing, the money raised from eager U.S. investors will go to three places: a new fab in South Korea (being built now to address the worldwide shortage of memory cause by AI); a new packaging facility in that country; and EUV scanners, the machines that make next-generation chips possible.

Meanwhile, U.S. Commerce Secretary Howard Lutnick stopped by a Micron event Thursday with a message for the broader chip industry, not just for U.S. memory maker Micron (who is one of SK Hynix’s biggest competitors). Lutnick reportedly said he’s already in talks with Samsung (the third major memory maker, worldwide) and SK Hynix about building new factories in the U.S. The idea being not to let South Korea continue to be the country that dominates this important tech.

Micron, naturally, is in. It announced it plans to invest $250 billion in new U.S. manufacturing, a commitment the U.S. memory chip company says will create more than 90,000 jobs and keep leading-edge chip production on American soil.

The timing of Lutnick’s request is notable beyond this U.S. IPO for SK Hynix: Both Korean chipmakers just pledged more than $550 billion for new manufacturing investment in South Korea.

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Hugging Face’s CEO on why companies are done renting their AI

Open source AI is booming, according to Hugging Face CEO Clem Delangue. The company has grown into something like a GitHub for AI in recent years, where AI builders can share and download open models and datasets, now used by roughly half the Fortune 500. Delangue has seen the same story play out again and again: companies start out on frontier APIs, but as they scale, the costs push them towards open source models. 

On this episode of TechCrunch’s Equity podcast, Rebecca Bellan talked to Delangue about why the open vs closed source fight matters in the wake of Anthropic’s halted Fable release, and why he’s worried about the possibility that a handful of big companies could end up controlling everything. 

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. 

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Dumb Co dared me to trade my iPhone for a hacked flip phone

When Lydia Peabody saw her friend pull out a flip phone at a party last year, she burst out laughing.

“I was like, ‘Girl, what are you doing with that thing? That has to be a joke!’” Peabody told TechCrunch. But it wasn’t just a prop — her friend was participating in Month Offline, a community challenge in which a small cohort of people exchange their smartphones for flip phones.

Peabody couldn’t fathom giving up her smartphone, but her friend inspired her. A year later, her life looks different. She left her career as a licensed therapist to become the founding CMO of Dumb Co, the flip phone company that grew out of Month Offline. She’s happier.

“I did Month Offline, and I was like, ‘Whoa, why am I suddenly not anxious? Am I feeling good?’” she said. “I didn’t even know that this is what I needed, and that spending this much time on my screen after work was causing me to feel so yucky.”

Dumb Co sells flip phones that sync to your smartphone, rather than replace it, forging a happy medium between the infinite connectivity of the iPhone and the unrealistic limitations of an early 2000s relic. Funded by friends and family, the company is run by a small team in their 20s and early 30s. Like their peers, they’re dissatisfied with the fast pace of plugged-in, frictionless life. They grew up with iPads and Instagram but now crave something simpler.

In the humble shell of a $20 TCL flip phone, Dumb Co loads its own software so that users can access apps like WhatsApp, Spotify, Apple Music, and Uber. You can even access iMessage through a third-party app (shh, don’t tell Apple). By packaging familiar comforts like music streaming, maps, and blue bubble texts in a flip phone, Dumb Co is creating something for people who want to reduce their screen time and be more present but struggle to fully disconnect in a world built for the smartphone.

Image Credits:Dumb Co

“We are trying to make something where you can leave your smartphone at home and literally just live your life and engage with other people,” Afreka Ebanks, Dumb Co’s communications director, told TechCrunch. “And when you want to be on your smartphone and you come back home, you can use it, because the feature for call forwarding and text forwarding can be turned off.”

I spent over a month testing the device — which Dumb Co calls the Dumb Phone — buoyed by the knowledge that in case of emergency, I always had my iPhone on hand. I didn’t use the Dumb Phone that much at first, but as I carried it around to show my friends, I noticed that they weren’t confused by my flip phone — they were envious of it.

“I’ve been getting into a lot of interesting conversations with people as I’m walking and someone sees me at the stoplight like, ‘What is this thing you have?’” said Ebanks, who bedazzled her flip phone. “I think it’s a great conversation starter, and I think it’s incredible watching people — myself included — work through the awkwardness of socializing with others, because I’m no longer distracted because I’m looking down at my phone.”

The author using an iPhone and a Dumb Phone
The author using an iPhone and a Dumb Phone.Image Credits:Sam Rizer (opens in a new window)

The Dumb Phone is clunky at times. It’s slower than I’m used to, and I end up spending more time typing T9 texts than if I just used my iPhone (what I really want is a dumb Sidekick with a QWERTY keyboard). Yet there’s something undeniably refreshing about knowing that if you want to open social media, take a picture you’ll never look at again, or check your email, you can’t.

When I talked to Peabody toward the end of my month of dual iPhone/flip phone ownership, she asked if I had ever left the house with just my flip phone. I confessed that I had not. I explained that sometimes I need to check public transit schedules, or keep up with Slack if I go to an appointment during the day.

“The truth is, when you say the word need, it almost gives the same meaning as like, ‘I need food or shelter,’” Peabody told me. “Yeah, sure, it’s actually helpful to know when the buses are coming, but if you don’t have that information, you turn to your neighbor and say, ‘Do you know when the next bus is coming?’”

Image Credits:Lucy Mauries / Dumb Co

Peabody dared me to leave my iPhone at home. The day we spoke, I had already planned to report on an event at a library across town. I tried to explain that I had never been to this library and wasn’t sure what subway stop to get off at. She told me to just write down directions before I left. I worried that I wouldn’t be able to record interviews at the event. She told me that the Dumb Phone can record audio.

“I really, really want you to do this, because I know that this is something that’s best experienced,” Peabody said. “When I switched to a Dumb Phone last summer, I did not use my smartphone for seven weeks, and I went on a cross-country road trip to New Mexico. I did not think I could do that, but I’m telling you that you can.”

I was running out of excuses. Peabody drove thousands of miles without a smartphone. How could I tell her that I needed my iPhone so that I could triple-check that Tasker-Morris is the right train stop?

Smartphones and social media are not a one-sided evil. There’s real value in connecting with friends online, sending pictures of your dog to your grandma, and using Apple Pay when you forget your wallet. While researchers don’t classify smartphone dependence like they would a substance addiction, there are certainly parallels. Not everyone has an adversarial relationship with their phone, but for people like me, more screen time often makes me feel more anxious, unfocused, and less grounded. Peabody even compared her relationship with her phone to getting hooked on Juul in college.

“It was really, really hard, but I totally broke that addiction, and now when I see a vape or something, I actually detest it — I’m like, ‘Oh no, I do not want that,’” she said. “When I turned off my smartphone for seven weeks, I would think about using it again, and I felt that same repulsion. I actually didn’t look at it or touch it.”

The author using an iPhone and a Dumb Phone
The author using an iPhone and a Dumb Phone.Image Credits:Sam Rizer (opens in a new window)

I was nervous to leave my iPhone at home, but I trusted my knowledge of the transit system and managed to get myself across town without my iPhone (I will admit, I texted someone just to be extra super sure that the library is off the Tasker-Morris stop). When I needed to send a text that was too long for T9 typing, I sent a voice message. I felt more connected with the world around me, and nothing went wrong.

I don’t see myself exclusively switching to the Dumb Phone, but I find it valuable as a tool to help me pay more attention to how and when I’m using my smartphone. The Dumb Phone ships with a black velour pouch, which you’re supposed to put your smartphone in when you leave it at home. I can’t quit the iPhone cold turkey, but I tossed the velour pouch in my bag on a beach trip, just in case. I used it for a few things, like ordering food and checking train times. But while I enjoyed a day on the beach, I didn’t take out my phone. I had a book, a sandwich, two bottles of water, some sunscreen — what else could I need?

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Disney+ is considering a free streaming tier, report says

Disney+ is considering making some of its streaming library available to watch for free, according to a report from Business Insider.

Disney’s chief product and technology officer Adam Smith discussed the possibility of offering free-tier content during a town hall on Thursday, the report says. It’s unknown which shows or movies would be included or when the streaming platform would consider launching the offering.

The rollout of free content would allow Disney+ to better compete with free services like YouTube and Tubi, which are capturing a growing share of consumers’ viewing time.

As streaming giants continue to raise prices, consumers have been turning to ad-supported services. According to data from Neilson, free streaming services represented 18.7% of U.S. television watch time in April 2026, rising from 16.8% in April 2025 and 12.7% in April 2024.

By offering select free content to consumers, Disney+ could better differentiate itself from its streaming peers like Netflix and Amazon Prime, especially as Apple TV+ and Paramount+ already allow non-subscribers to access a few free episodes.

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