QCOMD.BA is trading 3.2% up today at $16.90 as the stock stages a partial recovery following a sharp multi-day decline.
- The recent selloff was triggered by Elon Musk’s denial of reports suggesting SpaceX is developing an AI device using Qualcomm’s Snapdragon chips.
- Pressure on the stock was compounded by its removal from a Russell index, which led to significant technical selling.
- Today’s price action appears to be a technical bounce as traders reassess the impact of the SpaceX clarification and the index rebalancing.