The semiconductor sector is notorious for punishing cyclicality. When global smartphone shipments stall or supply chains bottleneck, legacy chipmakers often bear the brunt of market anxiety. This dynamic has played out recently with Qualcomm (NASDAQ: QCOM), which has suffered a drawdown of more than 20% over the last 30 days.
Much of this selling pressure stems from near-term memory supply constraints affecting Chinese handset manufacturers, stalling what the market aggressively priced in as an immediate Android hardware supercycle.
