From Coinpedia · By Anjali Belgaumkar
Qualcomm shares fell more than 12% on Thursday after a soft outlook, leading a broad slide in chip stocks. The company narrowly beat fourth-quarter profit forecasts but expects first-quarter adjusted earnings of $2.15 to $2.35 a share, against estimates of $2.27, with revenue of $10.4 billion to $11.2 billion. Smartphone chips, its largest business, were hit hard. Handset sales dropped 26% to $5.14 billion, missing estimates, as rising memory costs pushed up phone prices and hurt demand despite Qualcomm raising its own prices in September. Its CEO said the problem is supply, not demand. Other chipmakers sold off sharply. AMD fell about 15%, Micron 14.6%, Arm 12.5% and Intel 7.7%, as investors worried that Democrats’ plans for AI regulation could slow data centre spending.
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