BUSINESS / INVESTMENT

The Two Faces of the AI IPO Boom: China Surges Fivefold While OpenAI Delays Listing

In late June 2026, the global AI capital market flashed contradictory signals: a surge in AI and semiconductor IPOs in China alongside a plunge in semiconductor stocks triggered by reports of OpenAI delaying its public offering. In China, policy support and a strategy for technological self-reliance drove a boom in domestic listings for AI and semiconductor firms, accelerating industrial restructuring. Conversely, the possibility of OpenAI's delayed IPO and the sharp drops in Kioxia and SoftBank indicate that investors are beginning to rigorously scrutinize the profitability and listing timing of AI companies. While it remains difficult to definitively label the AI investment wave as either a bubble or an industrial restructuring, the market is shifting away from viewing AI as a monolith and is instead selecting companies backed by demonstrated real-world demand, cash flow, and contract quality. For South Korean memory manufacturers, this turning point offers opportunities through expanding High Bandwidth Memory (HBM) demand, but also amplifies volatility risks stemming from doubts over AI profitability, customer concentration, and rising energy costs.