Qualcomm Inc (NASDAQ:QCOM) stock slid on Wednesday as investors weighed a broader semiconductor correction and profit-taking after a sharp multi-month AI rally.
The stock gained 17% year-to-date, topping the S&P 500's 8% and the Nasdaq 100's 16% returns, • Qualcomm stock is feeling bearish pressure.
Why is QCOM stock dropping?
The pullback follows a "roller coaster" stretch in which unverified social media footage suggesting that NVIDIA Corp (NASDAQ:NVDA) CEO Jensen Huang endorsed Qualcomm sparked a spike.
Still, the move cooled as doubts about the video's authenticity spread.
