Editorial companion

What stands out

Changxin Memory Technology (CXMT) exploded into Shanghai trading with shares up more than 470 percent after completing what Bloomberg called China’s second-largest initial public offering (IPO). The clip explains how a firm once dismissed as a risky local bet became the beneficiary of deep pockets, rapid capacity expansion, and a domestic scramble to secure memory supply. That combination helps explain the debut mania, and it matters because it separates a market rally driven by policy and scarcity from one driven by repeatable unit economics and durable margins.