SK Hynix shares sank 17% despite reporting a 557% increase in quarterly earnings, as investors were disappointed that the results failed to match the market’s already aggressive expectations. Bitcoin, meanwhile, gained 1% as traders positioned themselves ahead of the Federal Reserve’s rate decision.

Bitcoin climbed approximately 1% to around $63,800 on Wednesday, remaining steady even as Asian equity markets suffered one of their sharpest downturns of the year. This marked the second time in just seven days that cryptocurrencies have weathered a major selloff in artificial intelligence-related stocks without following the broader risk-off move.

The wider crypto market also moved higher. Ether rose 1% to about $1,899, XRP advanced 2% to $1.07, BNB traded near $567, Solana held around $73, and Dogecoin posted a small increase. Hyperliquid’s HYPE was the only major token in negative territory, falling 3% to $54.

The biggest losses in traditional markets were concentrated among semiconductor companies. South Korea’s benchmark index dropped 11% on Wednesday after suffering another 11% decline the previous day, placing it on track for its worst two-day performance on record.

SK Hynix shares fell sharply despite delivering more than a sixfold increase in quarterly profit, while Samsung declined 12% ahead of its earnings report. The MSCI Asia Pacific index lost 2% to reach its lowest level since mid-April, while Nasdaq 100 futures slipped 1%, extending the technology-heavy index’s losing streak to five consecutive sessions.

SK Hynix’s results highlighted the challenge facing AI-related companies: strong growth is no longer enough when investor expectations have already reached extreme levels. Although the company’s profits surged, the market had priced in even stronger demand for AI infrastructure. Similar concerns previously erased $797 billion from the largest U.S. technology stocks and are now affecting the memory chip suppliers supporting the AI boom.

Crypto markets had largely followed the direction of AI and semiconductor stocks throughout July, rising when technology shares rallied and declining during tech selloffs. That relationship has now broken down twice within five trading sessions.

Bitcoin remained largely unaffected during last week’s Magnificent Seven technology stock decline and has continued to hold up during the latest market weakness. While two instances do not confirm a permanent shift, the recent performance suggests the strong correlation between Bitcoin and AI-focused equities may be weakening.

Bitcoin briefly dropped below $63,000 after the Senate delayed action on the Clarity Act on Monday. The legislation had gained momentum the previous week following reports that President Trump supported changes to the ethics provisions, but the delay created short-term uncertainty before Bitcoin recovered.

The Federal Reserve will announce its latest policy decision later Wednesday, with markets currently pricing in roughly a 15% chance of an interest rate increase. Investors will also be watching upcoming core PCE inflation data, second-quarter GDP numbers, and fresh earnings reports from major technology companies.