SK Hynix Inc.’s shares slid after record quarterly results failed to impress investors grappling with stagnant smartphone demand and questions about AI spending in 2025.

The South Korean memory-chip maker reported record quarterly and annual results after stronger-than-expected earnings for the final quarter of 2024 on robust chip demand.

South Korea's SK Hynix forecast sales of its high-end semiconductors used in generative artificial intelligence chipsets would double this year after reporting a record quarterly profit that surpassed its bigger rival Samsung.

Shares of Nvidia, Microsoft, Oracle, and other AI-related companies surged Wednesday after the Trump administration’s announcement of a $500 billion joint venture spurred optimism about a rising tide of AI investments.

President Trump announced a major AI infrastructure investment of “at least $500 billion,” signaling a willingness to work alongside large tech companies.

Nvidia stock surged after the chipmaker was named a technology partner for a massive U.S. AI infrastructure project called Stargate.