Nasdaq Turns Negative Intraday, Marvell Drops Over 7%, Qualcomm Falls More Than 5%
Alina Collins
The Nasdaq flipped from a 1.2% gain to a loss midday as Marvell fell over 7% and Qualcomm over 5%, with last week's Broadcom guidance miss still feeding doubts about AI capex durability — compounded by a hot payrolls print reigniting rate-hike fears.
How far did the three indices diverge?
The Nasdaq Composite rose as much as 1.2% before turning negative at −0.13%; the Nasdaq 100 slipped 0.15%.
The Philadelphia Semiconductor Index widened its loss to 0.57% — the weakest sectoral signal among the three benchmarks.
The S&P 500 held up at +0.24% and the Dow at +0.54%. This means → money is not leaving equities broadly; it is rotating out of tech and chips specifically into traditional sectors.
Who got hit hardest?
Marvell (MRVL) led the decline at −7.21%, followed by Qualcomm (QCOM) at −5.20% — both sit on the custom-silicon and edge segments of the AI chip chain.
Apple fell 2.97%, Palantir 1.85%, Nvidia 0.89%, Broadcom 0.73%, AMD 0.67%, Microsoft 0.58%, Intel 0.85%.
In plain terms = the closer a company sits to the question "can AI orders actually sustain?", the deeper it fell. Nvidia was not the biggest loser — the market still gives its order visibility more credit.
Who is still rising?
SanDisk (SNDK) gained 6.12% after Bank of America and Mizuho both raised their price targets sharply — a company-specific catalyst.
Applied Digital (APLD) rose 4.57% after signing a $5.2 billion AI data-center lease deal; it had surged over 12% at the open.
TSMC (TSM) added 0.86% and Micron (MU) 0.42%. This means → the order logic for memory and foundry has not cracked yet; the market is still separating "high-certainty infrastructure" from "high-sensitivity chip design."
Why hasn't last week's selloff been digested?
The direct trigger: Broadcom's revenue guidance came in below expectations, raising doubts about AI capex sustainability.
The compounding factor: non-farm payrolls beat sharply, reigniting fears that the Fed may hike rates this year — a rising rate outlook directly pressures high-multiple tech stocks.
This reflects a twin pressure on the AI trade: on the fundamental side, "will orders actually last?"; on the valuation side, "if rates move higher, can lofty P/E ratios hold?"
Why couldn't the morning bounce stick?
The Nasdaq was up 1.2% in early trading, but buying faded and the index turned red midday; the SOX index flipped negative in tandem.
In plain terms = some traders tried to buy the dip, but selling pressure was heavier — last week's negatives have not been fully priced in.
The market is now trading two narratives at once: AI infrastructure orders (bullish pull) versus tech valuation sensitivity to rate expectations (bearish pull). With those two forces in a tug-of-war, a clean bounce in a single session is hard to pull off.
Content is for reference only, not financial advice.