My guess is that all the individual characters of Hello World are found inside the 0xC894 number. Every 4 bits of x shows where in this number we can find the characters for Hello World.
You can read x right to left. (Skip the rightmost 0 as it’s immediately bit shifted away in first iteration)
3 becomes H
2 becomes e
1 becomes l
5 becomes o
etc.
I guess when we’ve exhausted all bits of x only 0 will be remaining for one final iteration, which translates to !