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.

Nvidia stock was sliding on Thursday as a business partner’s weak outlook took some of the shine off President Trump’s artificial intelligence announcements. Shares were down 1.8% to $144.50 in premarket trading.

On Tuesday afternoon, President Donald Trump held a press conference to announce Stargate, a $500 billion artificial intelligence (AI) infrastructure project in the United States. He called it the "largest AI infrastructure project, by far, in history."

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

Nvidia stock rose early Wednesday after President Donald Trump sent another signal to markets that artificial intelligence would be a priority under his new administration. The absence of Nvidia CEO Jensen Huang at the inauguration Monday stuck out as Big Tech CEOs thronged to the event.