Evening Scan

The week ended with OpenAI's executive layer still in flux and Netflix admitting internally that engagement is declining. SK Hynix's US market debut underscored investor appetite for AI infrastructure exposure.

7x oversubscribed — SK Hynix's $26.5B US market debut, the largest ever by a foreign company, with 177.9M ADRs priced at $149 each. The memory chip maker's reception suggests investors see AI infrastructure demand as nowhere near peaked. (Bloomberg)

Fidji Simo Steps Down from OpenAI's No. 2 Role

The departure was widely anticipated after her medical leave stretched on, but it still leaves OpenAI without a clear operational No. 2 as it tries to grow into a consumer product company. (TechCrunch)

Netflix Explores Live TV and Bundles as Engagement Slides (paywall)

Netflix executives are worried about declining engagement — adding always-on channels and Peacock-style bundles is essentially a bet that the cable bundle model was correct all along. (Wall Street Journal)

SK Hynix Raises $26.5B in Largest-Ever US Debut by a Foreign Company (paywall)

The sale being more than seven times oversubscribed reflects current investor appetite for AI hardware exposure. (Bloomberg)

Manus Investors Discuss Unwinding Meta's $2B Buyout, Tencent in Talks to Step In (paywall)

A $2B acquisition collapsing three months in — with the original seller potentially buying back in via a different strategic approach — is the kind of deal drama that keeps M&A lawyers busy on a Friday afternoon. (Financial Times)