SK hynix early on Friday announced that it had decided to abandon plans for a potential initial public offering (IPO) of Solidigm, its U.S.-based enterprise SSD subsidiary, citing unfavorable stock market conditions and semiconductor share price trends. At the same time, SK hynix confirmed it plans to build a new fab for Solidigm in the U.S. to address growing demand for enterprise SSDs. Although an IPO could have helped finance a new fab in the U.S., SK hynix claims that its subsidiary’s expansion remains a priority.

Anton Shilov is a contributing writer at Tom’s Hardware. Over the past couple of decades, he has covered everything from CPUs and GPUs to supercomputers and from modern process technologies and latest fab tools to high-tech industry trends.