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.The shares were down 1.2% to $145.24 in early trading.

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.

SK hynix Inc. reported financial results for 2024, with revenues surging 102% to 66.19 trillion won ($46.34 billion), driven by explosive demand for artificial intelligence memory products.