Shares of Qualcomm Inc (NASDAQ: QCOM) are doing what they, unfortunately, do best: selling off hard. At one point in the last week, the semiconductor giant traded around $190, after being above $250 just a week earlier. That’s a drop of more than 25%, giving back a sizable chunk of the 100%+ rally it enjoyed from April into May. For a stock that had just hit fresh all-time highs and looked to have finally rounded a corner, it's a painful reversal.
Much of this isn't Qualcomm-specific. Chip and AI-related stocks have been falling alongside the broader market downturn triggered by the May labor report and by growing uncertainty over tensions in the Middle East.
