XSD (SPDR S&P Semiconductor ETF) is trading 2.9% lower, touching a level not seen since April 21, due to Qualcomm's (-11.7% pre-market) post-earnings slide, which is dragging the whole semiconductor group lower. Qualcomm reported Q4 EPS of $2.17 (a slight miss vs. $2.20 ​​​​​​​​​​​​​​​‌​​​‌expected) and, despite in-line revenue and reiterating its $5 billion fiscal 2027 data center revenue target, gave cautious fiscal Q1 guidance that spooked investors.

That single-name hit has spread into broad semiconductor ​​​​​​​​​​​​​​​‌​​​‌weakness: AMD is off about 2.5%, Arm Holdings down roughly 4-8%, and Sandisk among the weakest names too, pulling related chip ETFs (SOXX, SMH, XSD) all down together. Regional chip exposure is also getting hit: Taiwan (EWT) and South Korea (EWY) ETFs are down 3-4% in sympathy.

Ad​​​​​​​​​​​​​​​‌​​​‌ding to the pressure, this comes right after Wednesday's rally had already been driven by rotation into value/financials/materials, so growth and semis were already lagging; Qualcomm's guidance just gave the group a fresh, sector-specific reason to sell off further this morning.

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