Chip Stocks Jumped In Premarket. Nvidia and Oracle Up 3%; Broadcom and TSMC Up 2%; Qualcomm Slumped 6%

Qualcomm Inc., the biggest maker of chips that run smartphones, gave a tepid revenue prediction for the current quarter, underscoring concerns that tariffs will hurt demand for its products.

Revenue in the period ending in June will be $9.9 billion to $10.7 billion, the company said Wednesday in a statement. The midpoint of that range was slightly below the average analyst estimate of $10.33 billion, sending the shares sliding nearly 6% in late trading.