With Chips / semis (SOXX) down 67.7%, this looks like a sector-led move rather than a company-specific surprise.
Chip stocks are down sharply in pre-market trading following the Democratic sweep in the U.S. midterm elections. Investors are concerned that a Democrat-controlled Congress could lead to increased regulation and slower approval for new data center construction, which is a key driver of demand for artificial intelligence (AI) chips. This has triggered a sector-specific rotation, with funds flowing out of semiconductor equipment and manufacturing and into large-cap hyperscale companies that may benefit from a more constrained supply of new data center capacity. The sell-off is also an extension of recent weakness following disappointing guidance from some major tech companies.