South Korean semiconductor manufacturer SK Hynix announced plans on Wednesday to raise up to $29.4 billion through a listing on the United States stock market. The proposed offering, if completed at its maximum size, would rank as one of the largest equity sales globally this year.

The company, a key supplier to chipmaker Nvidia, aims to leverage strong investor demand for stocks linked to artificial intelligence technologies. This move comes amid heightened interest in AI-related companies, even as broader US technology and semiconductor sectors experience increased market volatility.

Should the offering reach its upper limit, it would become the second-largest share sale following SpaceX’s record-setting $85.7 billion initial public offering earlier in June. SK Hynix’s decision highlights the ongoing appeal of AI-focused equities among global investors, reflecting expectations of significant growth in the semiconductor industry driven by advancements in AI applications.

Details regarding the specific timing, the stock exchange on which SK Hynix will list, and pricing have not been disclosed. The company’s share sale plans mark a notable step as it seeks to expand its financial resources to support research, development, and production capacity amid rising competition and demand for advanced memory chips used in AI hardware.

Industry analysts note that the transaction underscores a broader trend of major semiconductor firms pursuing capital market opportunities to fund innovation and growth in a sector crucial to the evolving technology landscape. However, market observers also caution that ongoing uncertainties in global markets, including supply chain challenges and geopolitical tensions, could influence investor sentiment as the offering progresses.