Qualcomm shares plunge 11.7% as Intel's weak outlook and Huawei patent deal hit chip sector

Qualcomm shares plunged 11.7% to $163.75 during trading, driven by Intel's weak Q4 outlook that triggered a broad semiconductor selloff. Intel forecast revenue of $15-16 billion, well below Wall Street's $17 billion consensus, with adjusted EPS projected at just $0.25. Intel warned PC market weakness could persist into early 2027 due to surging memory costs and inventory adjustments. Qualcomm-specific pressures included a new patent licensing deal with Huawei requiring Qualcomm to pay royalties, plus renewed legal disputes with Arm over chip testing tools and alleged information leaks. The broader market offered no support, with NASDAQ down 3.1% and S&P 500 down 1.9% amid skepticism over AI infrastructure returns. Qualcomm's upcoming Q4 FY2026 earnings, expected to show year-over-year declines, further limited any rebound potential.