With Chips / semis (SOXX) down 2.7%, this looks like a sector-led move rather than a company-specific surprise.
The semiconductor sector, as measured by the SOXX ETF, fell today as part of a multi-day selloff, marking its longest losing streak since 2015. The decline is primarily driven by persistent investor concerns that rising borrowing costs will curtail significant spending on AI infrastructure, a key growth driver for chipmakers. Adding to the negative sentiment, China announced on Friday its own plans to restrict exports of certain AI and chip technologies, escalating trade tensions in the sector.