U.S. stocks opened with the three major indexes showing mixed performance, with Qualcomm plunging 13%.

BlockBeats news, November 5th, according to data from the BIT stock platform, at the U.S. stock market open, the Dow rose 0.56%, the S&P 500 index fell 0.13%, and the Nasdaq fell 0.8%. Market concerns that the U.S. "blue wave" may push for stricter regulation of AI and data centers have weakened tech stocks, with Qualcomm (QCOM.O) down 13%, AMD (AMD.O) down 7%, Micron Technology (MU.O) down 4.9%, Tesla (TSLA.O) down 3.5%, and SpaceX (SPCX.O) down 4%.

Qualcomm's decline was mainly due to bearish factors triggered by its fiscal 2026 Q4 earnings report and guidance released on November 4th. Fiscal 2026 Q4 mobile chip revenue plunged 26% year-over-year to $5.14 billion and fell below expectations, with QCT pre-tax margin dropping from 29% to about 24%. Meanwhile, the midpoint of the fiscal 2027 Q1 Non-GAAP EPS guidance of $2.15-$2.35 was below market expectations, Apple's in-house modem continued to erode revenue, and the company expects the overall mobile phone market to be flat in 2027. Although growth in new businesses such as automotive and data centers is strong, it is not yet sufficient to fully offset the decline in core businesses, leading multiple institutions to lower Qualcomm's target price.