Qualcomm Falls 9.6% as Chip Selloff Spills Into a Second Day
Qualcomm is down 9.6% in premarket trading, carrying Wednesday's chip selloff into a second day. The new number comes from UBS: the bank wrote that about 30% of data center capacity expected to come online in 2028 is now at risk.
The reason is growing local opposition to data center construction in some states Democrats won. UBS says these pauses will slow the pace of buildout through 2028. The selling is coming from the data center construction timeline, not from a single earnings report.
In premarket trading, Marvell is down 3.4%, Intel 2% and Nvidia 0.8%; the decline runs across the whole chain, from designers to manufacturers. CoreWeave and Nebius are off about 3%, Dell 2.9%. On the power side, GE Vernova and Constellation Energy are also lower.
Oil is moving the other way. Brent fell 8.7% on Wednesday to settle at $94.62, dropping below $100. Analysts quoted by Rigzone tied it to the midterm result and hopes for a negotiated end to the Iran war; this morning Brent is recovering about 2.5%.
