Qualcomm stock falls 11.7% as Intel's weak outlook triggers chip selloff

Qualcomm shares tumbled 11.7% to $163.75 in mid-day trading, driven by a sector-wide chip selloff triggered by Intel's weak fourth-quarter guidance warning of a prolonged PC market downturn. Intel guided Q4 revenue to $15–$16 billion versus the ~$17 billion consensus and projected EPS of just $0.25, citing surging memory costs and PC maker inventory corrections. Qualcomm also faced added pressure from a new patent licensing deal with Huawei and renewed legal disputes with Arm Holdings. The broader market offered no support, with the NASDAQ falling 3.1% and the S&P 500 down 1.9%. Qualcomm's own pre-earnings anxiety, with guidance signaling year-over-year declines ahead of its November 4 report, left the stock with little cushion.