Qualcomm (QCOM) Tumbles 6% as Global Chip Rout Deepens on Broadcom Miss, Jobs Data

Qualcomm shares fell 6% on June 5, 2026, to $223.44, as a broad semiconductor selloff swept global markets. The decline was triggered by Broadcom’s disappointing guidance, which reset expectations for hyperscaler AI chip spending, and a stronger-than-expected U.S. jobs report that showed 172,000 new payrolls. The data erased near-term rate-cut hopes and raised rate-hike risk by year-end, according to CME FedWatch, pressuring high-multiple chip valuations. The rout spread from South Korea, where the Kospi dropped 5.5% and Samsung and SK Hynix fell 6.4% and nearly 10%, respectively, to Europe, with ASML off 3.8% and Infineon down more than 6%. QCOM also faced competitive headwinds after Nvidia unveiled its RTX Spark superchip for Windows PCs, boasting over 100 TOPS of on-device AI performance—more than double Qualcomm’s Snapdragon X Elite. Nvidia’s chip is already shipping to major PC makers, threatening QCOM's Windows-on-Arm foothold. Qualcomm has now had 18 moves of 5% or more in the past year, and despite a 29.2% year-to-date gain, the stock remains 11% below its May 2026 all-time high.