Stocks are rallying hard after a fear-driven selloff, which is good news for investors who bought the dip and a reminder that the panic peaked weeks ago.

• South Korean chip exports have hit their highest level ever, showing memory and NAND chips are flying off the shelves, mostly to the U.S.
• That demand surge is the clearest signal behind the market's snap-back.
• Oddly, most hardware stocks have not kept up with the demand boom, leaving them behind the rally.
• The longer-term worry is a bubble, with upcoming AI-related IPOs — including one from Anthropic — as the key warning signs to watch.

Outlook: The short-term rally has room to run on strong chip demand, but the coming IPOs will test how much of it is real.