- SK Hynix’s Profit Surge Falls Short as ‘Supercycle’ Debate Rages
Apr 23, 2026
(Bloomberg) -- SK Hynix Inc. reported a five-fold jump in quarterly profit that yet failed to impress investors questioning how long booming sales for AI memory chips can last.
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Demand for high-bandwidth memory — critical for training and running artificial intelligence models alongside Nvidia Corp. accelerators — will exceed supply for the next three years, Chief Financial Officer Kim Woo-hyun said on an earnings call. He said capital spending will grow “significantly” this year, and dismissed concerns of any oversupply.
Korean chipmakers are riding an AI spending boom that’s fueling sentiment among investors who argue that memory is in a super-cycle of demand that’s breaking a decades-old cycle of boom and bust. Memory sales are also helping to offset fears around South Korea’s broader economy stemming from the war in the Middle East. Chips accounted for 38% of the country’s total exports in March.
“Robust profit growth will continue over the next several quarters” due to customers’ low memory inventories and limited supply growth, said Sanjeev Rana, head of research at CLSA Securities Korea, which forecasts a 45% rise in SK Hynix’s capex this year. “There’s so much demand, and the companies are trying to increase capacity whatever ways they can.”
SK Hynix’s shares slid as much as 3.3% on Thursday in Seoul after hitting a record intraday high. Rival Samsung Electronics Co.’s shares rose as much as 5.5%.
Hyperscalers from Meta Platforms Inc. to Amazon.com Inc. are spending hundreds of billions of dollars on AI hardware. That’s fueling earnings at SK Hynix. Operating profit for the March quarter jumped to 37.61 trillion won ($25.4 billion), a record high that compares with the average estimate by analysts for 35.7 trillion won. Sales nearly tripled to 52.58 trillion won.
Because SK Hynix and its competitors Samsung Electronics Co. and Micron Technology Inc. are allocating more production capacity to lucrative HBM, conventional memory supplies are also becoming scarce, spurring price spikes that are further boosting chip revenue.
Like Samsung earlier this month, SK Hynix said that it has sufficient inventory in helium and other materials in the face of shipment disruptions stemming from the effective closure of the Hormuz Strait due to conflict in the Middle East.
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SK Hynix’s capital expenditure in 2026 will rise significantly from 30.2 trillion won in 2025, executives said without elaborating. Last month, the company announced a plan to spend the equivalent of $8 billion on cutting-edge extreme ultraviolet lithography chipmaking tools from ASML Holding NV. Larger rival Samsung plans to spend more than $73 billion on chip capacity expansion and research this year, devoting a record amount of capital toward an effort to seize the lead in AI semiconductors.
SK Hynix has moved forward by three months the opening of the first clean rooms at its Yongin Semiconductor Cluster to Feb. 2027, officials said.
“Memory has become so critical that customers now view memory, price and supply uncertainties as key business risks,” an SK Hynix executive said during a call, adding clients are now prioritizing procurement over price.
SK Hynix is trying to shift some of its contracts with major customers to multi-year agreements, they said.
“Hyperscalers aren’t price-sensitive on HBM the way they are on commodity DRAM as it’s a critical bottleneck in their AI buildout and supply is genuinely constrained,” said Dave Mazza, chief executive officer at Roundhill Investments in New York. “I’d expect pricing to remain firm well into 2026 absent a material pullback in AI capex, which we’re not seeing.”
Shares of SK Hynix have climbed around 90% this year after more than tripling in 2025, outrunning Samsung, which is seeking to pull ahead in next-generation HBM4 arena. Samsung was first to commercially ship HBM4 chips and it showcased its cutting-edge HBM4E at Nvidia’s GTC event.
The memory makers’ stocks are still trading at a fraction of the valuation multiples of other top AI chip names including Nvidia and leading global foundry Taiwan Semiconductor Manufacturing Co., however. Skeptics say the lower valuation is merited due to the lumpy nature of memory earnings.
The bears’ argument follows big jumps in memory prices over past months that are squeezing manufacturers’ margins.
The benchmark contract price for 8 gigabits of DDR4 PC memory has risen for 11 consecutive months, hitting roughly $13 last month, according to market tracker DRAMeXchange. The steady uptrend has boosted margins across SK Hynix’s core business. Higher NAND flash prices also contributed.
And the average selling price of DRAM climbed 60.8% in the first quarter from the previous quarter, while that of NAND rose 55.3%, according to estimates by Mirae Asset Securities Co. Demand for enterprise solid-state drives has also surged alongside data center investment.
While pledging to expand capacity, SK Group Chairman Chey Tae-won cautioned in February that rapid technological shifts can lead to future losses. He also highlighted mounting infrastructure challenges and said the company is now exploring building power plants alongside AI data centers, warning that failure to meet energy demand could be “disastrous.”
Some investors also point to the rise of Chinese memory chipmakers as a potential threat to the dominant players.
“We are, in a way, in a new paradigm for memory,” Jorry Noeddekaer, a London-based fund manager at Polar Capital, said before the results. But “this idea that you will never ever see cyclicality in memory — we are not buying that.”
--With assistance from Edwin Chan, Youkyung Lee, Sangmi Cha, Mark Anderson and Shinhye Kang.
(Updates with market reaction and executive comments.)
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- Victory Giant Surges in Debut After Biggest Hong Kong Listing This Year
Apr 21, 2026
(Bloomberg) -- Victory Giant Technology Huizhou Co., a Chinese supplier of Nvidia Corp., surged as much as 60% in its Hong Kong trading debut after raising $2.6 billion in the city’s largest listing in seven months.
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The shares rose to HK$336.20 in early trading, compared with a listing price of HK$209.88 each. The listing priced at the maximum and attracted thirty-seven cornerstone investors — which get guaranteed allocation in exchange for holding the shares for at least six months — buying about $997 million worth of stock. The stock jumped 74% in gray-market trading before the debut.
The share sale, Hong Kong’s biggest since Zijin Gold International Co.’s $3.7 billion offering in September, has kicked off what bankers in the city hope to become a procession of heavyweight deals. Victory Giant joins a wave of Chinese listings in the artificial intelligence space, a popular trade again against the backdrop of volatile Middle East situation. The company makes printed circuit boards, which form the intricate electronic backbone of AI servers.
“It’s not just about investors buying into China’s hard tech, it all comes down to fundamentals,” said Kenny Ng, a strategist at China Everbright Securities International Co. “Thanks to the AI boom, demand and growth for PCBs are incredibly strong right now, which directly boosts the valuation. Ultimately, it’s the huge upside of the AI hardware sector that’s really driving the price.”
Cornerstone investors included Chinese billionaire Jack Ma-backed Yunfeng Capital, Morgan Stanley & Co. International Plc, and asset managers Hillhouse Investment and South Korea’s Mirae Asset Securities Co.
Founded in 2006 by Chen Tao, the Huizhou-based company is seen as a leader in high-density interconnect and multi-layer PCBs that are crucial for AI chips. The company posted revenue of 19.3 billion yuan ($2.8 billion) last year, with analysts polled by Bloomberg forecasting a 70% jump in 2026.
Robust orders
Victory Giant joined a growing list of top AI suppliers that expressed confidence in continued AI demand. Last week, Taiwan Semiconductor Manufacturing Co. and equipment supplier ASML Holding NV both raised their 2026 sales outlook due to red-hot demand for AI chips.
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“Orders are coming in extremely robust,” Chen said in an interview.
Roughly three quarters of the funds raised from the Hong Kong listing will be used to expand capacity in China, while the rest to be spend in Southeast Asian expansions to meet clients’ request, Chen said in a Bloomberg TV interview.
Victory Giant plans to add $30 billion in capacity over the next three years, including an additional $10 billion worth of products to be manufactured in Thailand, Vietnam and Malaysia, Chen said. North American customers account for 70% of Victory Giant’s revenue, he said.
“This IPO could be an attractive value growth opportunity, provided there are no further export controls from the US side,” said Gerald Gan, chief investment officer at Reed Capital Partners. The company can use the proceeds “to grow its market share in the ASICs market, though it needs to compete with existing suppliers from Taiwan and Japan.”
Victory Giant’s debut extends a string of strong first-day performances by Chinese technology shares in Hong Kong. Last week, Sigenergy Technology Co., which makes energy storage equipment, jumped 103% in its debut, while robotics software unicorn Manycore Tech Inc. surged 187%. The shares of Delton Technology Guangzhou Inc., another Chinese maker of circuit boards, have gained about 110% since their Hong Kong debut a month ago.
Citigroup analysts led by Karen Huang maintain a buy recommendation for Victory Giant, valuing the Shenzhen‑listed shares at 20 times 2027 earnings, with price target of 415 yuan, citing robust growth driven by AI‑related PCB demand, upside to average selling prices, and potential opportunities in datacenter switches and ASICs.
The listing price had a discount of about 47% to Victory Giant’s closing price on Monday in Shenzhen, where they closed at 343 yuan. Tuesday’s debut quickly narrowed that to about 11%. The fervor for AI has driven the Shenzhen stock up nearly fourfold over the past year. Double-listed firms typically trade at a discount in Hong Kong to their onshore prices.
JPMorgan Chase, China Securities International and GF Securities are joint sponsors of the offering.
--With assistance from Chongjing Li, Dave Sebastian and Charlotte Yang.
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- Benzinga Expands Global Reach With Mirae Asset Securities Relationship to Deliver U.S. Market Intelligence to Korean Investors
Mar 26, 2026
DETROIT and SEOUL, South Korea , March 26, 2026 /PRNewswire/ -- Benzinga, the largest financial news provider in North America, is excited to announce a new partnership with Mirae Asset Securities, one of South Korea's leading securities firms, to bring powerful market insights and institutional-grade research tools directly to Mirae Asset's investing platform for Korean investors.Benzinga x Mirae Asset
This partnership marks the start of a collaboration aimed at transforming how Korean investors access, interpret, and act on U.S. market information. Mirae Asset has integrated Benzinga's premium datasets—including In-Depth U.S. Equity News Coverage, Actionable Market Data, and Why Is It Moving insights—into its investing platform as part of a broader effort to simplify research and drive informed investing decisions across global equities.
The integration delivers in-depth news coverage on U.S. small and mid-cap stocks, filling the information gap for niche market segments that are often underserved by traditional financial media available in Korea. Benzinga's proprietary WIIM (Why It Matters) feature provides immediate clarity on the specific reasons behind stock price volatility, helping investors react quickly. Combined with actionable, high-quality financial insights optimized for a seamless trading experience, Korean investors now have access to professional-grade analysis on even the less-covered corners of the U.S. market.
"For years, our mission has been to help investors level the playing field with smart, accessible financial data," said Jae Hur, Head of Asia at Benzinga. "We're excited to launch this new partnership with Mirae Asset Securities and help power their vision of making U.S. market investing more approachable, insightful, and actionable for Korean investors."
"This partnership is a step forward towards our mission to provide our clients with the most comprehensive global market intelligence available," Mirae Asset Securities commented. "By integrating Benzinga's high-quality market data and insights, we're empowering our members with the tools they need to stay informed and make confident investing decisions across U.S. equities."
To learn more about Benzinga's news and data APIs, visit benzinga.com/apis. For more on Mirae Asset Securities, visit miraeasset.com.
About Mirae Asset Securities: Mirae Asset Securities is one of South Korea's leading securities firms and a subsidiary of Mirae Asset Financial Group. The firm offers a comprehensive range of financial services including brokerage, wealth management, and investment banking. With a strong focus on empowering investors through technology and global market access, Mirae Asset Securities serves millions of retail and institutional investors across Asia-Pacific. For more information, visit miraeasset.com.
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About Benzinga: Benzinga is an innovative financial news outlet that has become the first choice for brokerages, thanks to its easy-to-integrate API suite and straightforward, actionable content. Benzinga delivers timely news and analysis that helps users navigate the most dynamic and volatile financial markets in real time.Benzinga (PRNewsfoto/Benzinga)Cision
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- SK Hynix Could Get Valuation Boost From ADR Listing
Mar 25, 2026
SK Hynix could get a valuation boost from listing American depositary receipts this year, Mirae Asset Securities' Kim Young-gun said. The South Korean chip maker's ADR listing could highlight a valuation gap with its locally traded shares, potentially lifting the stock's valuation, the analyst wrote in a note.
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- Montage Technology Draws Alibaba, JPMorgan as Cornerstones for Hong Kong Listing
Jan 14, 2026
This article first appeared on GuruFocus.
Montage Technology is lining up some of the most recognizable names in global capital markets as it moves toward a Hong Kong listing, a signal that demand for AI-linked chipmakers could be firm despite volatile conditions. People familiar with the matter said Alibaba Group Holding (NYSE:BABA) and JPMorgan Asset Management (NYSE:JPM) are expected to participate as cornerstone investors, joined by Aberdeen Group, Mirae Asset Securities and UBS's asset-management arm. These investors would receive guaranteed allocations in exchange for lock-up commitments, with the offering potentially raising about $900 million, and possibly more if an overallotment option is exercised, though the final structure remains under discussion.
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The company, which already trades in Shanghai, may begin taking investor orders as early as Friday and could list as soon as this month, according to people with knowledge of the process. Founded in 2004, Montage designs chips that help accelerate data flows within data centers and AI accelerators, placing it directly in the infrastructure layer supporting artificial intelligence workloads. Its shares gained 73% last year, leaving the company valued at around $22 billion, and it reported a profit of 1.4 billion yuan for 2024, with Bloomberg-polled analysts projecting further profit growth in subsequent years.
The transaction would add to a strong start for Hong Kong's equity capital markets, where January has already shaped up as a record period for new listings, driven largely by Chinese companies tied to AI. Listings in the city raised $4.3 billion in the first two weeks of 2026, according to Bloomberg data, reflecting renewed momentum after last year's recovery. Cornerstone participation has been a defining feature of that rebound, with Alibaba and Mirae Asset also anchoring the recent listing of Chinese OpenAI challenger MiniMax Group, underscoring how large institutional investors are continuing to back the city's most prominent AI-related deals.
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- China's AI startup MiniMax Group raises $619 million in Hong Kong IPO
Jan 8, 2026
Jan 8 (Reuters) - Chinese artificial intelligence startup MiniMax Group said on Thursday it raised HK$4.82 billion ($618.60 million) in its Hong Kong initial public offering after pricing shares at HK$165 each.
The company, one of the first large-language model developers in the country to seek a listing, sold 29.2 million shares in the IPO at the top end of its marketed range. It had previously offered to sell about 25.4 million shares.
Chinese AI and chip firms have flooded Hong Kong's IPO market in recent weeks, with shares holding above their offer prices after debut, underscoring strong investor appetite as Beijing ramps up efforts to build homegrown tech in response to U.S. curbs on the sector.
MiniMax has secured large investments from Abu Dhabi Investment Authority and Mirae Asset Securities, among others, the company said in an exchange filing.
The firm launched its IPO on December 31, spearheading a slew of Hong Kong listings.
Hong Kong recorded its strongest IPO year in 2025 since 2021, with companies raising $36.5 billion from 114 new listings in the country, according to data compiled by LSEG.
MiniMax, founded in early 2022 by former SenseTime executive Yan Junjie, develops multimodal AI models that can generate text, audio, images, video and music.
Shares of the company are expected to begin trading on the Hong Kong Stock Exchange on Friday, the filing showed.
MiniMax said in December that the majority of the net IPO proceeds will be used for research and development over the next five years.
($1 = 7.7918 Hong Kong dollars)
(Reporting by Sherin Sunny & Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich and Shinjini Ganguli)
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- Asian Stocks Hit Record Highs as Tech-Led Rally Widens
Jan 6, 2026
Japan's Nikkei Stock Average rose 1.3% to a record close, with bank and brokerage shares leading gains. The rally has broadened from chip stocks to include metals and machinery producers, such as Sumitomo Metal Mining.
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- Hong Kong IPO Momentum Builds as Six Chinese Firms Seek to Raise Over $2.0 Billion
Dec 31, 2025
The companies, spanning from artificial intelligence to chip designers and biopharmaceuticals, aim to raise around US$2.13 billion, according to filings to Hong Kong’s exchange operator.
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- Mirae Asset Securities Co Ltd (XKRX:006800) Q3 2025 Earnings Call Highlights: Strong Brokerage ...
Nov 15, 2025
This article first appeared on GuruFocus.
Pretax Income: KRW447.2 billion. Net Income: KRW343.8 billion. Annualized ROE: 10.8%. Brokerage Fee Revenue: KRW263.7 billion, a 22% increase Q-o-Q. WM Revenue: KRW91.8 billion, a quarterly high. Overseas Subsidiary Pretax Income: KRW74.8 billion, down 30% Q-o-Q. Domestic Stock Brokerage Revenue: KRW151.8 billion, a 27% increase Q-o-Q. Overseas Stock Brokerage Revenue: KRW111.9 billion, a 16% increase Q-o-Q. Total Brokerage Balance: KRW270.4 trillion. Customer Margin Loan Balances: KRW7.32 trillion, a 4% increase Q-o-Q. WM AUM: KRW206.4 trillion, a 5% increase Q-o-Q. Total Client Assets: KRW476.8 trillion, a 5% increase Q-o-Q. Retirement Pension Revenue: KRW22.3 billion, an 8% increase Q-o-Q. Total Trading Profit: KRW241.2 billion, a 49% decrease Q-o-Q. Fixed Income Balance: KRW37.5 trillion, an increase of approximately KRW500 billion Q-o-Q. Valuation of Consolidated Investment Assets: KRW10.5 trillion. IB Brokerage Revenue: KRW40.7 billion, an 18% decrease Q-o-Q. Corporate Loan Revenue: KRW21.7 billion, a 7% decrease Q-o-Q. Overseas Subsidiaries YTD Pretax Income: KRW299 billion. Annualized After-Tax ROE for Subsidiaries: 6.8%.
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Release Date: November 06, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Mirae Asset Securities Co Ltd (XKRX:006800) achieved a consolidated pretax income of KRW447.2 billion and a net income of KRW343.8 billion in the third quarter. The company recorded an annualized ROE of 10.8%, maintaining over 10% for two consecutive quarters. Brokerage fee revenue increased by 22% quarter-over-quarter to KRW263.7 billion, marking the highest quarterly performance. WM revenue from financial product sales increased by 21% quarter-over-quarter to KRW91.8 billion, achieving a record high. The overseas stock balance increased by 25% quarter-over-quarter, surpassing KRW50 trillion for the first time.
Negative Points
Pretax income from overseas subsidiaries decreased by 30% quarter-over-quarter due to losses from the valuation of investment assets. Total trading profit decreased by 49% quarter-over-quarter to KRW241.2 billion, impacted by valuation losses from alternative investment assets. IB brokerage revenue decreased by 18% quarter-over-quarter to KRW40.7 billion. A valuation loss of KRW159.8 billion was recognized on overseas hotel assets. Corporate loan revenue decreased by 7% quarter-over-quarter to KRW21.7 billion.
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Q & A Highlights
Q: How does Mirae Asset Securities expect to benefit from the recent strength in stock prices driven by AI, and what is the outlook for their investment portfolio, particularly in global commercial real estate? A: An unidentified company representative explained that their investment portfolio is diversified into alternative investment assets and innovative business investments. Losses in alternative investments have mostly been recognized, and a rate cut cycle could lead to asset valuation recovery. Their innovative business investments, which include sectors like robotics and AI, are expected to perform well in a falling rate environment.
Q: What impact will the extension of overseas stock trading hours have on Mirae Asset Securities, and how are they preparing for it? A: The company has prepared its IT systems for clearing and settlement to accommodate extended trading hours. They expect increased trading volumes, which will benefit their overseas brokerage business. The extension will allow for more comprehensive stock trading, enhancing their competitive edge in off-line trading.
Q: What is Mirae Asset Securities' position on the merger between Naver Financial and Dunamu, and what impact could it have? A: The merger could create significant synergies due to Mirae Asset's investments in digital assets and AI. Although details are not finalized, the merger could increase the value of their investment and potentially lead to a higher likelihood of an IPO, positively impacting earnings.
Q: Can you provide more details on the growth of overseas subsidiaries and the future outlook? A: Executive Director Choong Hwan Lee noted that despite a slight decrease in Q3 pretax income, operating profits are improving, especially in Hong Kong. The company is strengthening flow trading capabilities in the US, Hong Kong, and London, and expanding their ETF market-making business. They are also enhancing competitiveness in emerging markets like Vietnam and Indonesia.
Q: What is the status of Mirae Asset Securities' commercial paper funding and IMA approval process? A: The company plans to maintain current CP levels while gradually increasing scale. Their CP margin remains lower than peers due to a conservative asset allocation approach. The IMA approval process is underway, and they plan to increase investment in venture capital assets, balancing risk and market conditions.
Q: How much global real estate exposure remains, and how long will losses be recognized? A: Executive Director Choong Hwan Lee stated that most large impairments have been recognized, particularly in US hotel properties. Assuming a continued rate cut cycle, there may be some upside. Despite losses, the company has posted consistent net income, indicating a recovering portfolio.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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- Nota AI Files Securities Registration Statement, Poised for KOSDAQ Listing This Year
Aug 22, 2025
Swift IPO Process Amid Global Market Slowdown – Demonstrating Proven Competitiveness Business Expansion Driven by Proprietary Platform 'NetsPresso®' with 160% CAGR Over the Past Four Years
SEOUL, South Korea, Aug. 22, 2025 /PRNewswire/ -- Nota AI, a company specializing in AI model compression and optimization, announced today that it has submitted its Securities Registration Statement to Korea's Financial Services Commission, making the official start of its KOSDAQ IPO process.Nota AI Files Securities Registration Statement, Poised for KOSDAQ Listing This Year
Through this IPO, Nota AI plans to offer a total of 2,916,000 shares at an expected price range of 7,600 to 9,100 KRW per share, raising approximately 22.2 to 26.5 billion KRW. The institutional investor book-building is scheduled for September 12–18, followed by the public subscription period on September 23–24. Mirae Asset Securities is acting as the lead underwriter.
Despite a slowdown in the Korean IPO market and a sharp decline in new filings since recent regulatory changes took effect in July, Nota AI's timely submission stands out. The move underscores the company's strong business performance and a clear growth vision, proceeding according to plan and drawing significant attention from the market.
Founded in 2015, Nota AI has built its business around its proprietary AI model optimization platform, NetsPresso®, which enables high-performance AI models to run efficiently on resource-constrained edge devices. The platform automates the complex processes of model optimization and deployment, significantly reducing development and operational costs. Nota AI has achieved multiple commercial deployments through partnerships with leading global AI semiconductor companies such as NVIDIA, Samsung Electronics, Arm, Qualcomm, Sony, and Renesas.
In addition, Nota AI has successfully commercialized NVA (Nota Vision Agent), the first generative AI-powered intelligent video surveillance solution in Korea. NVA goes beyond simple object detection to recognize relationships between objects, detect procedural violations, and identify complex risk factors in real time. It is deployed across various sectors, including industrial safety, intelligent transportation systems (ITS), retail, and surveillance. Notable projects include a contract with Dubai's Roads and Transport Authority in April and deployment at Kolon Industries' Gimcheon Plant 2 in July.
Alongside these achievements, Nota AI's technology-driven business model has also entered a stable growth trajectory, fueling rapid revenue expansion. The company recorded 480 million KRW in revenue in 2021, 2.01 billion KRW in 2022, 3.58 billion KRW in 2023, and 8.44 billion KRW in 2024, reflecting a compound annual growth rate (CAGR) of 159.7%.
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Myungsu Chae, CEO of Nota AI, said, "In a challenging IPO environment with tightened listing requirements, submitting our Securities Registration Statement as planned underscores our proven profitability and solid mid-to-long-term growth vision. With the proceeds from this IPO, we will further enhance our technology and accelerate our global expansion, solidifying our leadership in AI compression and optimization, while driving widespread adoption of AI across industries."
Since establishing overseas subsidiaries in Berlin (2020) and Sunnyvale, California (2022), Nota AI has rapidly expanded into key global markets, including the Middle East, Japan, and Southeast Asia.
Nota AI's global competitiveness has also been recognized by CB Insights, which named it to the AI 100: Most Promising AI Startups list in 2025. Just last month, in July 2025, Nota AI was selected as one of five final elite teams in the Ministry of Science and ICT's AI foundation model development project, in collaboration with Upstage, further accelerating its work on proprietary AI foundation models.Cision
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