Qualcomm, Marvell Drop on ByteDance ASIC Deal

Qualcomm shares fell 8% and Marvell Technology dropped 10% after ByteDance's custom ASIC deal triggered export-control fears and a sector-wide sell-the-news unwind. The ByteDance engagement extends Qualcomm's reach into data center AI silicon, with CEO Cristiano Amon confirming a hyperscaler custom silicon engagement is on track for initial shipments later this calendar year.