What happened: Semiconductor stocks fell on Wednesday as a record profit from memory maker SK Hynix (000660.KS, SKHY) failed to lift the sector, further unwinding the AI trade. AI chip heavyweight Nvidia (NVDA) stock dropped more than 3%, while peer AMD (AMD) fell roughly 5%. The earnings miss reflected a less favorable product mix rather than weakening demand for AI memory chips. In Asia, investors once again dumped chip stocks such as Samsung (005930.KS) and SK Hynix, driving the KOSPI Composite (^KS11) down nearly 6% on Wednesday. Since then, chip stocks have fallen sharply as investors question whether hyperscalers' enormous AI spending plans will translate into adequate returns.