TOKYO - Asian equities showed varied performance on Wednesday, yet South Korea's Kospi index declined sharply by 7% because of renewed skepticism regarding large-scale artificial intelligence investments prompting sales of semiconductor stocks.

U.S. futures moved slightly lower.

The steep decline was driven by a sharp fall in SK Hynix shares after its latest quarterly operating profit missed analyst estimates despite rising sixfold to a record 60.5 trillion won ($41.2 billion).

By midafternoon trading in Seoul, the Kospi had fallen 6.8% to 5,616.76. The index had recently exceeded 9,000 before retreating to its lowest point since early April.

SK Hynix shares dropped 12.8% while Samsung Electronics shares declined 7.7%.

Markets have faced repeated waves of selling in AI-related stocks as investors respond to developments such as China's advances in lower-cost advanced AI models.

In other Asian markets, Tokyo's Nikkei 225 fell 1.7% to 61,290.70 after early gains faded. Shares of chipmaking equipment maker Tokyo Electron dropped 10.1% and Lasertec Corp. shares declined 8.2%.

Japanese stocks reacted unevenly to a major earthquake that struck the southern Kyushu region the previous day. An earlier quake in the area had caused significant damage and disruptions for automakers and manufacturers.

Nippon Paper shares, owner of a mill in the affected zone damaged by Tuesday's quake, fell 1.7%.

Taiwan's Taiex index declined 3.8%.

The Shanghai Composite index slipped 0.5% to 3,793.11.

Hong Kong's Hang Seng index moved against the regional trend, rising 1.7% to 25,738.42, while Australia's S&P/ASX 200 gained 1% to 9,036.90.

Oil prices, which had eased from the two-month high reached last week, rebounded after a brief pause in fighting in the Iran conflict ended. Jordan's air defenses intercepted five missiles launched from Iran early Wednesday, the country's military reported, hours after the U.S. military said it had intercepted an Iranian missile attack on American forces in the Middle East.

The calm had lasted about three days following weeks of rising tensions over the strategic Strait of Hormuz, the Persian Gulf waterway through which 20% of the world's traded oil normally passes.

Brent crude, the global benchmark, rose 3.1% to $84.58 a barrel.

Benchmark U.S. crude gained 3.6% to $82.14 a barrel.

On Tuesday, U.S. shares finished mixed. The S&P 500 rose 0.2% and the Dow Jones Industrial Average gained 1%.

The Nasdaq composite declined 0.2%.

Most U.S. stocks advanced after more companies reported stronger profits for the spring quarter than analysts had anticipated. Coca-Cola shares climbed 5% after revenue increased 7%.

Expectations for strong earnings reports are placing particular pressure on chipmaker stocks and other companies that have benefited greatly from the artificial intelligence boom.

Micron Technology shares, which had more than tripled for the year on strong growth, fell 8.9%.

Other stocks weighing on the market included Advanced Micro Devices, down 8.1%, and Applied Materials, down 7.8%.

In Asian currency trading, the U.S. dollar eased to 163.57 Japanese yen from 163.81 yen. The euro rose to $1.1399 from $1.1391.

AP Business Writer Stan Choe contributed.