With Chips / semis (SOXX) down 2.7%, this looks like a sector-led move rather than a company-specific surprise.
The semiconductor sector is experiencing a significant sell-off during the pre-market session, driven by macroeconomic concerns. A recent, higher-than-expected U.S. consumer price inflation report has intensified fears of further interest rate hikes by the Federal Reserve. This has led to increased anxiety about the rising cost of financing the extensive infrastructure required for the AI build-out, a key growth driver for chipmakers. The negative sentiment was amplified by substantial declines in Asian semiconductor stocks, including Samsung and SK Hynix, ahead of the U.S. market open.