Qualcomm (QCOM) fell 11.12% to $164.79 on October 30, as Intel (INTC) sank 28.58% after a weak fourth-quarter outlook blamed on memory shortages shrinking the PC market. Intel guided fourth-quarter revenue to $15 billion to $16 billion, below the roughly $17 billion analysts expected, and sees industry PC units falling about 12% in 2026 and 10% in 2027. Amazon (AMZN), Qualcomm's new data center customer, also fell, and the Nasdaq Composite lost 2.86%. Qualcomm's November 4 report will test CFO Akash Palkhiwala's September view that phones have bottomed, through revenue from Chinese phone makers and a December-quarter guide of around $10.6 billion, about 14% below the $12.25 billion reported a year earlier.
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