퀄컴 판결로 반도체 매도 확대…암·AMD 5% 하락, TSMC도 약세

Arm and AMD Fall 5% as Qualcomm Verdict Adds to Chip Selloff; Taiwan Semiconductor Slips A Delaware jury just handed Arm a damaging verdict in its licensing battle with Qualcomm, and with a second ruling on its newest chip designs due next week, the pressure on the entire semiconductor sector may only be getting started. A Delaware jury verdict is adding to the pressure on Arm Holdings (NASDAQ:ARM | ARM Price Prediction) as a broad selloff in chip stocks extends its run. Arm stock is down 5% during afternoon trading, landing at $232.22. Similarly, shares of Advanced Micro Devices (NASDAQ:AMD) are down 5% to $534.29, a move in line with Arm stock. Taiwan Semiconductor Manufacturing (NYSE:TSM) shares are down 2% to $412.45, a softer slide than Arm stock. Qualcomm (NASDAQ:QCOM) is the other party to the case and holds a chip architecture license from Arm. TSM’s Snapdragon processors power a wide range of devices, and Qualcomm also runs a patent licensing business of its own. Semiconductor names as a group are lower, as well. The iShares Semiconductor ETF (NASDAQ:SOXX) is down 3%, a smaller drop than Arm stock or AMD shares. Large-cap tech is softer too, with the Invesco QQQ Trust (NASDAQ:QQQ) down 2%. Delaware Jury Sides With Qualcomm on Key Claims A federal jury in Delaware found on Tuesday that Arm breached its chip architecture license agreement with Qualcomm. Jurors also found that Arm interfered with Qualcomm’s relationship with a customer and violated California’s unfair competition law. Arm did prevail on a separate technology licensing claim, giving the company one win in an otherwise negative outcome. The legal fight between Arm and Qualcomm continues. Closing arguments in a related bench trial over Arm’s licensing of its latest architecture are scheduled for next week. In a bench trial, a judge decides the outcome, so Arm faces a second ruling on how it licenses its newest designs. Weakness in Arm stock extends a broad selloff across the semiconductor sector. As a result, the verdict is landing on a group already under strain. Why a Licensing Verdict Cuts Deep for Arm Arm’s business is pure intellectual property: it licenses chip architecture and core designs, then earns royalties as partners ship products built on them. Such a structure makes every license agreement central. Because each deal is central to how Arm earns money, a verdict finding a breach goes straight to the heart of that model. AMD designs processors and Taiwan Semiconductor manufactures chips for other companies, so both earn revenue tied to physical hardware. For Arm, the terms of each agreement shape the upfront license fees and the per-chip royalties that follow. Qualcomm sits among those licensees, so the verdict impacts the same royalty stream that powers Arm’s growth story. The bull case for Arm rests on royalty income that grows as more chips use its designs. Yet, critics argue that the verdict strains Arm’s relationships with the licensees that pay those royalties. Those licensees range from semiconductor companies to OEMs and cloud service providers, with OEMs being original equipment manufacturers that build devices. Taiwan Semiconductor Holds Up Better Taiwan Semiconductor shares are holding up better than the iShares Semiconductor ETF, while Arm stock and AMD shares, by contrast, are slipping faster than the fund. Losses in the Invesco QQQ Trust are smaller. They are smaller than in the iShares Semiconductor ETF, leaving chip manufacturers and designers at the weaker end of large-cap tech. AMD shares rank among the larger holdings in the Invesco QQQ Trust, so the chip slipping reaches beyond dedicated semiconductor funds. Arm’s Second Qualcomm Ruling Comes Next Arm’s upcoming challenge is whether the bench trial over its latest architecture licensing goes its way after closing arguments next week. That ruling carries direct implications for the bear argument around Arm’s licensee relationships and for the royalty growth behind the bull case. Until that ruling lands, investors in Arm, AMD, and Taiwan Semiconductor may want to stay lightly invested. After all, a second adverse outcome could deepen the pressure on a chip group that’s already under strain. Contact [email protected] for any questions or corrections.