Record earnings, rising competition and concerns over slowing AI spending are forcing investors to reassess one of the market's biggest trades. Samsung delivered record quarterly profit, yet shares fell nearly 7%, while SK Hynix also declined ahead of its U.S. listing, signaling that expectations for AI chipmakers may have become too optimistic. At the same time, China's Zhipu is pursuing custom AI chips to support its fast-growing open-source models, reinforcing the view that more ef…
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