The Big Debut

CXMT Corp., a rival to leading memory-chip companies including Samsung Electronics and SK Hynix, began trading on the Shanghai Star Market. The stock opened at 49.5 yuan ($7.30). By the close, the stock price settled at roughly $7.24, giving the company a valuation of $488 billion.

The company has ridden the wave of the AI boom, which sharply increased memory chip prices, and also benefited from Beijing’s drive for tech independence. Ayesha Kiani, the chief operating officer of Monarq Asset Management, commented, “This is one of the largest and most strategically important IPOs globally.”

The Crypto Side Bet

Before CXMT started trading, a blockchain-based venue called Hyperliquid listed perpetual futures contracts on the…