🔴 Tech ETF (IYW) is trading 2.31% down in pre-market as Qualcomm and Arm outlooks pressure chips

IYW is trading at $235.25, down 2.31%, as overnight semiconductor selling and weaker Qualcomm and Arm outlooks pressure chip stocks.

• Investors are concerned about returns on AI investment.
• Asian chipmakers fell sharply, while investors weighed possible tighter scrutiny of AI infrastructure after the U.S. midterm results.
• Nasdaq futures were weaker while Dow futures rose, pointing to pressure concentrated in technology rather than a uniform market decline.