Shares in Asia’s technology and chip makers fell on Thursday after U.S. chip darling Nvidia reported its second-quarter results overnight, amid a broader decline in the region’s major markets.

The losses were most pronounced among companies with direct ties to the US technology giant, such as the South Korean chip manufacturers SK Hynix and Samsung Electronics.

Shares of SK Hynix, which makes high-bandwidth memory chips for Nvidia used in AI applications, fell as much as 6.74 percent.

Samsung Electronics, the highest weighted stock in the South Korean benchmark Stock index, Kospi, fell by up to 3.8 percent.

Although the extent of Samsung’s supplier relationship with Nvidia is not yet fully known, the company is expected to manufacture HBM chips for some Nvidia products, according to Reuters.

Other direct suppliers of Nvidia such as Taiwanese semiconductor manufacturing company And Hon Hai Precision Industry – known internationally as Foxconn – recorded losses of up to 2.8% and 2.96% respectively.

The spillover also extended to other technology stocks, albeit to a lesser extent. Japanese semiconductor stocks such as Renesas, Advantage And Tokyo Electron fell by 3.2%, 3.6% and 3.49% respectively.

Separately, shares of Chinese chipmakers listed in Hong Kong declined, even though they have little connection to Nvidia’s value chain. SMIC, which is partly state-owned, lost about 1.4%, while Hua Hong Semiconductor fell 1.66%.

Although Nvidia beat revenue and earnings per share estimates for the quarter, the share price decline may have been triggered by fears that the company may not be able to deliver explosive growth in the current quarter, Luke Rahbari, CEO of Equity Armor Investments, told CNBC’s “Squawk Box Asia.”

Rahbari said the results were “really good,” but also noted, “Nvidia has been beating analyst expectations for many quarters… People may think the runaway train is slowing down a little bit.”

He remains optimistic about the company, stressing: “In my opinion, no other company in the world has such a dominant position in the industry as Nvidia.”

However, according to StreetAccount, Nvidia’s gross margin fell to 75.1 percent from 78.4 percent in the prior period, while the annual gross margin forecast was in the “mid-70 percent range,” below analysts’ estimate of 76.4 percent.

In an interview with CNBC’s “Squawk Box Asia,” Mark Lushcini, chief investment strategist at financial advisory firm Janney Montgomery Scott, called the decline in Nvidia shares a “rounding error,” citing Nvidia’s sharp rise this year. Shares are up about 150% year-to-date.

He noted: “The company is growing quickly, but the pace of growth has been slowing for four quarters now. For a company trading at 40 to 50 times forward earnings, that’s a high demand hurdle to overcome relative to expectations.”