US stocks opened with the three major indices diverging, as Qualcomm plunged 13%.

According to data from the BIT Stock Platform, U.S. stocks opened with the Dow Jones Industrial Average rising 0.56%, the S&P 500 falling 0.13%, and the Nasdaq down 0.8%. Markets are concerned that a U.S. "blue wave" could lead to stricter regulation of AI and data centers, weighing on tech stocks: Qualcomm (QCOM.O) dropped 13%, AMD (AMD.O) fell 7%, Micron Technology (MU.O) declined 4.9%, Tesla (TSLA.O) slipped 3.5%, and SpaceX (SPCX.O) fell 4%. Qualcomm’s slump was mainly driven by negative factors from its Q4 fiscal 2026 earnings report and guidance released on November 4. Its Q4 fiscal 2026 mobile chip revenue plummeted 26% year-over-year to $5.14 billion, missing expectations, while its QCT pre-tax profit margin fell from 29% to around 24%. Additionally, the midpoint of its Q1 fiscal 2027 Non-GAAP EPS guidance of $2.15–$2.35 was below market expectations; Apple’s self-developed baseband chips continue to erode its revenue, and the company forecasts the overall mobile phone market to remain flat in 2027. Though growth in new businesses like automotive and data centers is strong, it is not enough to fully offset the core business decline, prompting multiple institutions to lower Qualcomm’s price targets.