Key Highlights

● Nvidia slipped even as the broader chip index rallied.

● Memory chipmakers led the session's gains.

● SK hynix's record results sparked the rally.

● Nvidia dipped further after hours in sympathy with Alphabet.

The semiconductor rally rolled on, but its usual leader sat it out, as the chip index climbed for a fourth straight gain while Nvidia edged lower in the regular session and slipped again in extended trading. The leadership instead came from memory chipmakers and the companies that sell them manufacturing tools, a rotation sparked largely by blockbuster results from South Korea's SK hynix.

SK hynix's US-listed shares soared after the memory giant posted a quarter with revenue surpassing 100 trillion won for the first time, with profit jumping more than sevenfold, and the read-through was immediate, lifting Micron Technology and Sandisk sharply.

Equipment Makers Joined In

Chip-equipment stocks followed, with Lam Research and Applied Materials both rallying, a move often linked to hopes that memory makers will spend more on new production capacity. KLA climbed in extended trading after beating revenue and earnings estimates and issuing strong guidance tied to AI demand.

Arm Holdings, Advanced Micro Devices and Marvell Technology also gained, as the memory pricing and supply shortage theme became one of the hottest in the AI trade.

Why Nvidia Sat Out

No company-specific news explaining Nvidia's dip was found, and the stock may simply have trailed as money flowed toward other parts of the chip sector. After the bell, Nvidia slipped in sympathy with Alphabet, which slid sharply on a profit miss, giving back part of its regular-session losses even further.

Alphabet did raise its 2026 capital-spending forecast, a figure that matters to chip suppliers, but investors focused on its earnings shortfall and negative free cash flow instead.