Broadcom and Qualcomm’s Declines on Nov. 12 Session Could Not Be Confirmed Amid Mixed Moves
Key Facts
A decline of 9% or more in Broadcom and Qualcomm shares during the Nov. 12, 2026 session could not be confirmed by a reliable source. An Associated Press report, by contrast, showed Broadcom shares up 5.2% in morning trading, while Nvidia shares fell. The available information therefore does not support describing the session as a simultaneous selloff in both stocks. Their previous-day closing prices provide a starting point in time, not the outcome of trading on Nov. 12. Broadcom ended the Nov. 11 session at $345.22, and Qualcomm closed at $176.57. Qualcomm’s move during the session covered here remains unconfirmed.
The Nov. 5 session provides earlier context for sector moves, but does not by itself explain what happened a week later. Qualcomm shares fell 9.5% that day after phone-chip sales came in below Wall Street estimates, Reuters reported. The Philadelphia Semiconductor Index fell 12.2% in the same session, its biggest daily decline since April 2025. Those figures relate to the Nov. 5 session and should not be attributed to Nov. 12. They also do not establish that the earlier selloff extended into the following day or caused a particular stock’s move. Broadcom’s morning performance on Nov. 12, as reported by the Associated Press, therefore remains separate from that earlier event.
Broadcom’s operating backdrop dates to its announcement of third-quarter fiscal 2026 results. The company said revenue was $29.6 billion, up 86% from the same period a year earlier. Artificial intelligence-related semiconductor revenue was $16.7 billion, up 221% year over year and 54% from the previous quarter. In the same announcement, the company forecast fourth-quarter revenue of about $34.8 billion, 93% above the year-earlier period. That forecast was published on Sept. 2, making it earlier context rather than a new update on Nov. 12. Broadcom also forecast AI chip revenue of $21.7 billion in the fourth quarter, up 236% year over year.
Qualcomm’s published figures show a different picture for its phone and chip businesses. In the fourth quarter of fiscal 2026, revenue from its handset business, the company’s largest, fell 26% to $5.14 billion. Chip sales declined 8% to $9.02 billion over the same period. CEO Cristiano Amon said the company had anticipated a memory shortage and prepared for it early, adding: "Unlike some of the other companies, we saw the memory shortage coming and prepared for it early." Following the results, at least 10 brokerages cut their price targets on the stock, Reuters reported. These developments, however, relate to the fourth-quarter results and the market’s reaction to them; they do not establish a cause for Qualcomm’s move on Nov. 12.
In its outlook for the following period, Qualcomm set a revenue range of $10.4 billion to $11.2 billion for the first quarter of fiscal 2027. It also forecast non-GAAP diluted earnings per share of $2.15 to $2.35. The company said the semiconductor industry was seeing broad increases in input costs. It expects the full impact of pricing actions on QCT’s gross margins to become apparent in the second half of fiscal 2027. These forecasts and input costs provide operating indicators for coming periods, but do not explain the stock’s move on Nov. 12. The data reported for that session point to Broadcom rising in the morning and do not settle how either stock performed at the close.