Qualcomm (QCOM) shares plunged 5% in pre-market trading on Thursday, mirroring a broader pullback in the semiconductor sector following a strong rally in the previous session. The decline comes as investors appear to be taking profits after significant gains across chip stocks.
The retreat in Qualcomm's stock is part of a sector-wide trend, with the Philadelphia Semiconductor Index falling 5.6% after surging nearly 19% in the previous session. Other major players in the industry are also experiencing significant drops, with Advanced Micro Devices down 6.1%, Intel falling 4.8%, and Micron Technology declining 8.7%.
This abrupt reversal in semiconductor stocks suggests a potential market correction after the recent rally. Analysts are closely watching the sector, as chip companies play a crucial role in various industries, from consumer electronics to automotive and artificial intelligence. The volatility in these stocks could indicate shifting investor sentiment or concerns about the sustainability of recent gains in the tech sector.
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