On May 27, Qualcomm fell 3.95% in regular trading, trading at $231.475/share, with trading volume of approximately $1.396 billion. The stock retreated alongside the broader Philadelphia Semiconductor Index, which declined over 2%, following a multi-day rally driven by the company's AI ASIC agreement with ByteDance.
The pullback comes after Qualcomm surged approximately 5-8% on May 26 when reports emerged that the company reached a deal to supply ByteDance with millions of custom ASIC chips for AI data centers to support the TikTok parent's AI agent software. The stock had climbed from around $201.80 on May 20 to over $243 on May 26, representing gains exceeding 20% in less than a week. Profit-taking and broader semiconductor weakness weighed on the sector, with Intel declining nearly 5% and ARM falling nearly 4%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)