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.

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.

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 is once again the most valuable U.S. company, outranking Apple for the first time since late November. The chip maker ended Tuesday with a market capitalization of $3.449 trillion, according to Dow Jones Market Data.

Apple (AAPL), and the stock has lost over 11% so far, extending its drawdown from all-time highs to over 14%. It also lost its status as the world’s largest company to Nvidia (NVDA), whose share have looked unstoppable over the last few years.

Nvidia (NVDA) reclaimed its title as the world’s most valuable public company on Tuesday as Apple’s (AAPL) shares slid.