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Semiconductor Shares Slid in Premarket Trading, With Qualcomm Stock Dropping 9%

Tiger Newspress2023-08-03

Semiconductor shares slid in premarket trading.

Qualcomm stock dropped 9%; NXP Semiconductors fell over 3%; STM fell over 2%; Micron, Marvell Technology fell over 1%.

Qualcomm forecast fourth-quarter sales below market expectations on Wednesday and said it would likely cut jobs as consumer spending on gadgets like smartphones remained stubbornly weak amid slowing global economic growth.

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