This appears to be new in 4.25.
[SM5] at 0x1dea5421420 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value Validation failed. D3DCompileToDxil failed [SM5] /Engine/Generated/Material.ush(1864:13): warning: implicit truncation of vector type RandomSamp+=Texture2DSample(Tex,TexSampler,ScenePixels); ^ [SM5] /Engine/Generated/Material.ush(1867:17): warning: implicit truncation of vector type TempAARotation*=RandomSamp; ^ [SM5] /Engine/Generated/Material.ush(1868:25): warning: implicit truncation of vector type TempAADistance*=StepSize*RandomSamp; ^ [SM5] /Engine/Generated/Material.ush(1888:9): warning: implicit truncation of vector type NewUV.x = BaseUV.x + (CurOffset.x * (CurDistance+(RandomSamp*TempAADistance))); ^ [SM5] /Engine/Generated/Material.ush(1889:9): warning: implicit truncation of vector type NewUV.y = BaseUV.y + (CurOffset.y * (CurDistance+(RandomSamp*TempAADistance))); ^ [SM5] error: validation errors at 0x210624c3e20 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value at 0x210624c3ba0 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value [SM5] at 0x210624c3c20 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value at 0x210624c50a0 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value at 0x210624c4720 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value [SM5] at 0x210624c5120 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value Validation failed. D3DCompileToDxil failed [SM5] error: validation errors at 0x1dea5421d20 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value at 0x1dea5421520 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value [SM5] at 0x1dea5421ea0 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value at 0x1dea54211a0 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value at 0x1dea54212a0 inside block ?internal.CalcInterpolants@@YAXUFRayCone@@UFDefaultAttributes@@UFVertexFactoryInterpolantsVSToPS@@@Z.exit of function ?MaterialCHS@@YAXUFPackedMaterialClosestHitPayload@@UFDefaultAttributes@@@Z Instructions should not read uninitialized value
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-92949 in the post.