Qualcomm Incorporated is trading 3.1% down today at $199.09, extending recent losses as the market continues to react to both a major new partnership and a broader sell-off in the semiconductor sector.
- The stock dropped significantly on June 9 after news of a deal to develop a custom AI silicon (ASIC) with TikTok-parent ByteDance.
- The decline is also part of a wider trend of profit-taking in semiconductor stocks that has been ongoing since early June, erasing approximately $1.3 trillion in market value from the AI chip sector.
- This downward trend follows a period where the stock and the broader semiconductor sector had experienced a sharp AI-driven surge.