Editorial companion

What stands out

SK Hynix began trading in the U.S. as an American Depositary Receipt (ADR) on Nasdaq on Friday, and Tom White noted a rotation of money into AI memory names. That matters because a high-profile ADR changes where institutional flows land, and Nasdaq collects listing and trading revenue when big chip firms cross into the U.S. At the same time, Delta Air Lines reporting earnings gives a reality check on consumer and corporate travel demand, so both a market-structure story and a travel-demand story are playing out together.