Qualcomm shares fell for three consecutive days.
Short-selling firm Hunterbrook Media identified hidden website code suggesting a partnership with AI startup Anthropic. The discovery fueled speculation regarding Qualcomm's strategic expansion into the AI data-center market.
Hunterbrook later confirmed the partnership was non-existent after consulting sources at both companies. Qualcomm subsequently removed the erroneous HTML code from its website.
Hunterbrook retracted its prepared report on the deal after verifying the information was false. The stock declined 3% on Tuesday during the market confusion.