With Technology (XLK) down 1.6%, this looks like a sector-led move rather than a company-specific surprise.
Technology stocks are down, driven by concerns over equity dilution from significant fundraising activities in the Asian tech sector. Alibaba's $10.2 billion share sale for AI investment and a planned IPO by Chinese chipmaker YMTC are weighing on investor sentiment. This has led to a sell-off in chipmakers globally, with investors also showing caution ahead of key U.S. inflation data and Nvidia's upcoming earnings report later this week.