With Chips / semis (SOXX) down 69.3%, this looks like a sector-led move rather than a company-specific surprise.
Chip stocks sold off sharply, driven by investor fears of stricter regulations on AI data center construction following the Democratic midterm election victories, which could delay projects and increase costs. This was compounded by weak smartphone handset sales reported by Qualcomm, raising concerns about broader consumer demand and impacting the outlook for memory chip makers. Additional company-specific headwinds, including a delayed Micron plant in Taiwan and uncertainty over Nvidia's shipments to China, also contributed to the sector-wide decline.