SK Hynix is planning a $29 billion US stock offering, a bet on continued AI semiconductor demand. The South Korean chipmaker has outperformed rivals, including compatriot Samsung, to control much of the global memory-chip market; fellow memory giant Micron recently posted a 15-fold profit surge.

Others are also trying to get in on the chip boom: OpenAI said it had begun testing its own processors, and SpaceX is building a huge chip fabrication factory in Texas.

But investors are anxious and the market is volatile. SK Hynix’s Korean share price has swung wildly this week, and Elon Musk’s personal worth fell by $240 billion as SpaceX’s valuation dropped following its IPO — ending (presumably temporarily) his stint as a trillionaire.