The semiconductor trade has regained control of the market, though control may be too generous a word for a sector that has spent the week swinging between sharp selloffs and equally sharp recoveries. Today's session is centered on SK Hynix, whose Nasdaq debut is testing whether investors still have room in their portfolios, and their imaginations, for another very large AI-related bet. The South Korean memory-chip maker raised roughly $26.5 billion by selling American depositary shares at $149 each. It is the largest U.S. listing by a foreign company and, following SpaceX’s debut last month, the second enormous share sale in a remarkably short period.

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