With Chips / semis (SOXX) down 3.1%, this looks like a sector-led move rather than a company-specific surprise.
The semiconductor sector is experiencing a significant downturn as part of a broader, multi-week sell-off. This decline is attributed to investor concerns over high valuations following a strong rally earlier in the year and questions about the sustainability of AI-related infrastructure spending. [12, 15, 24] While individual companies like Intel have reported positive earnings and forecasts, this has not been sufficient to counter the negative sentiment weighing on the broader chip market, particularly in the memory and storage sub-sectors. [1, 2, 3]