$QCOM dropped 10.5% in a day, with a turnover hitting 22 million, yet the funding rate remained flat at 0. Old dogs took a glance, and at the 224 level, neither bulls nor bears dared to use leverage; open interest was just over 39 million, indicating that real capital is retreating, not just a cascade of liquidations. The semiconductor chain in the US stock market has developed a nasty habit over the last two years: when it drops, it never brings a rebound. The last time we saw a similar single-day double-digit red candlestick was in October 2023, and it continued to decline for a full three weeks before catching its breath.

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