Qualcomm drops 13% as chip stocks pull back from record AI-driven rally

Qualcomm is one of the biggest semiconductor companies making chipsets. Nurphoto | Nurphoto | Getty Images Chip stocks dropped on Tuesday, pulling back from a massive rally that broadened the artificial intelligence trade beyond Nvidia and propelled the sector to new highs. Qualcomm plummeted 13% and headed for its worst session since 2020. Intel dropped 8%, while On Semiconductor and Skyworks Solutions declined more than 6% each. The iShares Semiconductor ETF tracking the sector sank 5%. …