November 5, 2026 · 00:10:17

The AI Trade Gets Crushed, Qualcomm Struggles, and AppLovin Soars 31%

Wall Street's AI trade takes a beating as the Nasdaq plunges into correction territory and semiconductor stocks suffer massive losses. Qualcomm faces a slowdown in its smartphone business, while AppLovin surges 31% on strong results. Plus, surprisingly strong U.S. labor market data and what Thursday's broad selloff reveals about the market beneath the headlines. In today's Market Monitor, brought to you by Breadthly.com, we look beyond the major indexes to see what's happening beneath the surface. I'm Derek Drew, and this is Drewscast. What's happening. Why it matters. What everyone else is missing.