Editorial companion

What stands out

SK Hynix slid as much as 14 percent on its U.S. trading debut after investors shifted into American depositary receipts (ADR) and dialed back positions, while Taiwan Semiconductor Manufacturing Company reported sales growth that underlined continued demand for AI hardware. MiniMax plunged after JPMorgan cut its price target amid concerns a fresh fundraising would dilute value. Together these moves show a market split: AI demand can buoy industry leaders, but listing mechanics and dilution can punish names with weaker fundamentals faster than headlines can lift them.