US chip stocks slide as Democratic sweep clouds AI expansion prospects

QUALCOMM Incorporated

05/11/2026 12:14

** US chip-linked stocks fall premarket 
** Democratic sweep in midterm elections stokes fears of stricter data center regulations, potential limits on AI infrastructure expansion
** Advanced Micro Devices AMD.O declines 3.2% and chip giant Nvidia NVDA.O down 0.7%
** Marvell MRVL.O, Applied Materials AMAT.O, Intel INTC.O falls 2%-3.7% each; iShares Semiconductor ETF SOXX.O drops 3.9%
** Qualcomm QCOM.O slides 9.5% after Q4 chip sales miss
** Memory-chip maker Micron MU.O down 3.1%
** Data storage cos Western Digital WDC.O, Sandisk SNDK.O slides ~4% each
** Arm Holdings ARM.O lose 4.6% despite Q3 earnings beat
** The Philadelphia SE Semiconductor Index .SOX touched its lowest level since late April on Wednesday, following the midterm results, but remains up nearly 45% YTD    

 (Reporting by Jayasree Prabhu)
 ((jayasree.prabhu@thomsonreuters.com))