QUALCOMM Incorporated is trading 6.1% down at $21.93 as investors lock in gains following a sharp multi-day rally tied to a new custom AI chip deal with ByteDance.
- The stock had surged more than 20% over the past two weeks, suggesting today's decline is a result of profit-taking and position rebalancing rather than fresh negative news.
- Broader market indices are currently mixed, indicating the move is stock-specific rather than driven by macroeconomic factors.