Chip stocks sink after midterms as Qualcomm slides following earnings

Qualcomm had reported fourth-quarter results the previous evening. Forbes said revenue was $10.3 billion, above the $10.1 billion analyst estimate it cited, while earnings per share were $2.17 against an estimate of $2.16. For the first quarter, CNBC reported a projected adjusted earnings range of $2.15 to $2.35 per share. CNBC cited an analyst estimate of $2.27; Forbes cited $2.32. Both estimates sit within the guidance range, although the outlets characterized the earnings outlook as weak.

CNBC reported that Democrats had indicated plans for artificial intelligence regulation. Forbes described concerns that a Democratic Congress could slow data-center construction. Those were concerns about what might happen, not a report that new restrictions had taken effect.