With Chips / semis (SOXX) down 2.8%, this looks like a sector-led move rather than a company-specific surprise.
Semiconductor stocks are experiencing a broad sell-off, with the SOXX ETF down significantly due to a combination of macroeconomic pressures. Surging global bond yields are compressing valuations for growth-sensitive tech stocks after a prolonged rally. Adding to investor concerns are escalating geopolitical tensions in the Middle East, which is contributing to a risk-off sentiment in the market. The decline is sector-wide, affecting major chipmakers, and is seen as a valuation reset driven by the changing cost of capital rather than a shift in industry fundamentals.