Nvidia, SK Hynix strike AI chip deal as tech stocks slide
What's new: Jensen Huang framed the sell-off as a discount buy, while South Korea's Kospi fell on retreating AI bets.
Nvidia and SK Hynix reached a multi-year agreement to develop future generations of memory chips for artificial intelligence, giving the South Korean chipmaker a boost as global tech stocks reeled from a broader pullback in AI trades. The deal was disclosed Monday in Seoul, where Nvidia CEO Jensen Huang said the recent sell-off should be seen as a chance to buy rather than a sign that the AI buildout is ending. South Korea's Kospi dropped as investors backed away from AI-linked shares, though SK Hynix trimmed losses after President Lee Jae-myung said he viewed the local stock market as undervalued. Huang said AI infrastructure remains in its early stages and compared its long-term role to that of the internet.