Qualcomm Shares Drop Over 11% as Investors Worry About AI Demand
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 12 2026
0mins
High-flying semiconductors and memory names were some of the worst-hit stocks on Tuesday as investors - fretting over the speed of the AI and data center demand frenzy - pulled back on Tech exposure. The worst performer in the S&P 500 - Qualcomm- was down over 11% after the stock's advance of 87% in just 3 weeks at its highs overnight. Intel, Sandisk, Western Digitaland Micron,were down 7%, 6%, 5%, and 4% respectively, though all four names remain in the top 10 ranking in terms of S&P 500's best performers for the year. The rotation from high-momentum to value benefited the Healthcare space, which was the best performing sector in the benchmark today but remains the index's worst sector for the year - Humanawas a standout here with a gain of over 7%, as the stock has now nearly doubled from its late-March lows.Sentiment is cautious in the evening session as S&P e-minis and Nasdaq 100 contracts are both flat. In commodities, WTI Crude Oil remains bid just below $102 per barrel as Middle East tension remains unresolved while base metals continue to trend higher as traders adjust to re-heating inflation expectations, with Copper up for the 4th straight session above $6.60.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Velo3Dup 22.3%SELLAS Life Sciences Groupup 14.4%Nextpowerup 10.5%Arterisup 7.0%ALSO HIGHER -Energy Vaultup 5.1% after announcing strategic development agreement with EskomDOWN AFTER EARNINGS -Karman Holdingsdown 10.4%Resideo Technologiesdown 7.3%Infinity Natural Resourcesdown 7.2%Astronicsdown 5.4%Paysigndown 3.8%Kura Oncologydown 2.1%Oklodown 1.5%
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Analyst Views on SLS
Wall Street analysts forecast SLS stock price to fall
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 13.270
Low
7.00
Averages
7.25
High
7.50
Current: 13.270
Low
7.00
Averages
7.25
High
7.50
About SLS
SELLAS Life Sciences Group, Inc. is a late-stage clinical biopharmaceutical company. The Company is focused on the development of therapeutics for a range of cancer indications. The Company's product candidates are galinpepimut-S (GPS), a peptide immunotherapy directed against the Wilms tumor 1 (WT1), antigen, and SLS009, a selective small molecule cyclin-dependent kinase 9 (CDK9) inhibitor. GPS is a cancer immunotherapeutic agent licensed by Memorial Sloan Kettering Cancer Center (MSK), that targets the WT1 protein, which is present in an array of tumor types. GPS has potential as a monotherapy or in combination with other immunotherapeutic agents to address a broad spectrum of hematologic malignancies and solid tumor indications. The Company is developing SLS009, which is licensed by GenFleet Therapeutics (Shanghai), Inc., for all therapeutic and diagnostic uses in the world outside of mainland China, Hong Kong, Macau, and Taiwan.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Sellas Life Sciences Sees Optimistic Clinical Trial Predictions
- Clinical Trial Success Probability: The clinical trials prediction market has priced 'YES' contracts for GPS (galinpepimut-S) in acute myeloid leukemia (AML) at $0.83, indicating an 83% probability of success, which could provide potential support for Sellas' stock price.
- Regal Trial Progress: Sellas' Regal trial has reached 78 out of 80 events needed for final analysis, and if GPS can extend the median overall survival from 8 months to 12.6 months, it will be deemed successful, significantly enhancing the company's market position in AML treatment.
- Strong Investor Sentiment: Despite a 10% drop in SLS stock to $13.27 on Monday, a Stocktwits poll revealed that 47% of investors are holding and 35% are buying more, indicating strong confidence among retail investors in the stock.
- Cash Flow and Shareholder Support: Sellas ended Q1 with $107.1 million in cash and raised an additional $28.7 million through warrant exercises, while shareholders approved a 20 million-share increase to its equity incentive plan, strengthening the company's financial foundation for future growth.
See More
Retail Traders Continue to Hold SLS Stock Amid Bullish Sentiment
- Strong Holding Sentiment: A Stocktwits poll reveals that 49% of investors are holding SLS stock while 35% are buying more, indicating robust confidence among retail traders in Sellas Life Sciences despite a 292% surge in the stock during the first half of the year.
- Clinical Trial Progress: Sellas' Phase 3 Regal trial for AML has reached 78 of the 80 events required for final analysis, with CEO Stergiou noting that the delay is a positive signal suggesting patients are living longer than expected, which could enhance the drug's market potential.
- Market Capital Growth: Sellas' market cap has skyrocketed from $73 million at the start of 2024 to over $1.5 billion by mid-2026, reflecting strong performance in the capital markets, while the company ended Q1 with $107.1 million in cash, bolstering its financial stability.
- Shareholder Support and Incentive Plans: Shareholders recently approved a 20 million-share increase to the 2023 Equity Incentive Plan, and Stergiou was awarded 1.065 million restricted stock units, further solidifying his stake in the company and reflecting management's confidence in future growth.
See More
Biotech Companies See Significant Stock Gains
- SL Science Surge: SL Science Holding Limited (SLBT) saw its stock price soar over 50% after its Nasdaq listing, closing at $5.99, reflecting strong market interest in its innovative cellular and gene therapies targeting significant unmet medical needs like pancreatic cancer and glioblastoma.
- Chemomab's Clinical Progress: Chemomab Therapeutics Ltd. (CMMB) experienced a stock increase of over 30%, closing at $2.27, as its lead drug candidate Nebokitug prepares for a Phase 3 trial in primary sclerosing cholangitis, highlighting its potential in treating fibro-inflammatory diseases.
- Propanc's Buyback Initiative: Propanc Biopharma Inc. (PPCB) announced a share repurchase program of up to $500,000, leading to a 22.92% stock increase to $1.77, indicating confidence in its cancer treatment candidate PRP and plans for a first-in-human study in advanced cancer patients.
- Tectonic's Clinical Trial Updates: Tectonic Therapeutic Inc. (TECX) saw its stock rise over 15%, closing at $37.93, as its lead candidates TX45 and TX2100 progress in clinical trials, with significant data expected in late 2026 or early 2027, potentially driving future growth.
See More
Semiconductor Stocks Surge; Watts Water Upgraded
- Semiconductor ETF Performance: The VanEck Semiconductor ETF (SMH) is on track for a 70% surge in Q2, driving chip stocks higher, with Astera Labs up 7%, KLA Corp up 8%, and Applied Materials up 5%, indicating strong market confidence in the semiconductor sector.
- Watts Water Upgrade: Watts Water Technologies jumped over 7% after Barclays upgraded its rating to overweight, as the company is seen as best positioned to benefit from the data center capital expenditures cycle with its expanding portfolio in waste and water technology.
- Abivax Stock Surge: U.S.-traded shares of French biotech company Abivax soared 40% after releasing new data on its ulcerative colitis treatment, showing malignancy rates in line with expectations and over 37% of initially non-responsive patients achieving clinical remission after about 10 months, highlighting treatment efficacy.
- Air Products Project Cancellation: Air Products and Chemicals rose over 8% after announcing it would not proceed with its Louisiana Clean Energy Complex, which is expected to incur up to $2.9 billion in pretax charges, reflecting the company's stringent financial return criteria.
See More
AeroVironment Shares Surge 30% After Earnings Beat Expectations
- Earnings Surprise: AeroVironment reported earnings of $1.84 per share and revenue of $642 million, surpassing analyst expectations of $1.46 and $559 million, leading to a 30% stock surge that underscores the company's robust performance in the drone sector.
- Acquisition Impact: Digital Realty Trust's agreement to purchase three fully leased data centers for $7.8 billion resulted in a 4.5% stock decline, raising concerns about its financial stability and prompting investors to monitor future earnings performance closely.
- Regulatory Investigation Pressure: Shares of Merck and AbbVie fell by 0.6% and 0.5%, respectively, following reports of a U.S. House committee probing their involvement in clinical trials that may have aided China's military capabilities, potentially harming their reputations and future business prospects.
- Market Volatility: Strategy stock, after a significant 22.6% gain, retraced over 3%, reflecting market sentiment instability, which necessitates cautious evaluation of its future trajectory by investors.
See More
U.S. Stocks Steady as Geopolitical Tensions Ease
- Market Stability: A tentative truce between the U.S. and Iran has led to a stabilization of global markets, with anticipated diplomatic talks in Doha expected to further influence market sentiment, although analysts remain cautious about future trends.
- S&P 500 Target Raised: RBC Capital Markets has raised its year-end S&P 500 target to 8,150 based on stronger earnings expectations, while cautioning investors to prepare for volatility rather than a smooth rally.
- Tesla's New Testing: Tesla has begun engineering tests for its autonomous Cybercab in Austin, which features no steering wheel or pedals; despite Cantor Fitzgerald warning that Q2 deliveries might miss estimates, its AI and autonomous driving initiatives are seen as long-term value drivers.
- Economic Data Focus: Investors will be tracking the upcoming release of the Case-Shiller and FHFA House Price Index, Chicago PMI, and Consumer Confidence Index, along with the JOLTS job openings report, which is expected to provide fresh clues on labor demand and influence Federal Reserve policy decisions.
See More
Sellas Life Sciences Sees Optimistic Clinical Trial Predictions
- Clinical Trial Success Probability: The clinical trials prediction market has priced 'YES' contracts for GPS (galinpepimut-S) in acute myeloid leukemia (AML) at $0.83, indicating an 83% probability of success, which could provide potential support for Sellas' stock price.
- Regal Trial Progress: Sellas' Regal trial has reached 78 out of 80 events needed for final analysis, and if GPS can extend the median overall survival from 8 months to 12.6 months, it will be deemed successful, significantly enhancing the company's market position in AML treatment.
- Strong Investor Sentiment: Despite a 10% drop in SLS stock to $13.27 on Monday, a Stocktwits poll revealed that 47% of investors are holding and 35% are buying more, indicating strong confidence among retail investors in the stock.
- Cash Flow and Shareholder Support: Sellas ended Q1 with $107.1 million in cash and raised an additional $28.7 million through warrant exercises, while shareholders approved a 20 million-share increase to its equity incentive plan, strengthening the company's financial foundation for future growth.
See More
Retail Traders Continue to Hold SLS Stock Amid Bullish Sentiment
- Strong Holding Sentiment: A Stocktwits poll reveals that 49% of investors are holding SLS stock while 35% are buying more, indicating robust confidence among retail traders in Sellas Life Sciences despite a 292% surge in the stock during the first half of the year.
- Clinical Trial Progress: Sellas' Phase 3 Regal trial for AML has reached 78 of the 80 events required for final analysis, with CEO Stergiou noting that the delay is a positive signal suggesting patients are living longer than expected, which could enhance the drug's market potential.
- Market Capital Growth: Sellas' market cap has skyrocketed from $73 million at the start of 2024 to over $1.5 billion by mid-2026, reflecting strong performance in the capital markets, while the company ended Q1 with $107.1 million in cash, bolstering its financial stability.
- Shareholder Support and Incentive Plans: Shareholders recently approved a 20 million-share increase to the 2023 Equity Incentive Plan, and Stergiou was awarded 1.065 million restricted stock units, further solidifying his stake in the company and reflecting management's confidence in future growth.
See More
Biotech Companies See Significant Stock Gains
- SL Science Surge: SL Science Holding Limited (SLBT) saw its stock price soar over 50% after its Nasdaq listing, closing at $5.99, reflecting strong market interest in its innovative cellular and gene therapies targeting significant unmet medical needs like pancreatic cancer and glioblastoma.
- Chemomab's Clinical Progress: Chemomab Therapeutics Ltd. (CMMB) experienced a stock increase of over 30%, closing at $2.27, as its lead drug candidate Nebokitug prepares for a Phase 3 trial in primary sclerosing cholangitis, highlighting its potential in treating fibro-inflammatory diseases.
- Propanc's Buyback Initiative: Propanc Biopharma Inc. (PPCB) announced a share repurchase program of up to $500,000, leading to a 22.92% stock increase to $1.77, indicating confidence in its cancer treatment candidate PRP and plans for a first-in-human study in advanced cancer patients.
- Tectonic's Clinical Trial Updates: Tectonic Therapeutic Inc. (TECX) saw its stock rise over 15%, closing at $37.93, as its lead candidates TX45 and TX2100 progress in clinical trials, with significant data expected in late 2026 or early 2027, potentially driving future growth.
See More
Semiconductor Stocks Surge; Watts Water Upgraded
- Semiconductor ETF Performance: The VanEck Semiconductor ETF (SMH) is on track for a 70% surge in Q2, driving chip stocks higher, with Astera Labs up 7%, KLA Corp up 8%, and Applied Materials up 5%, indicating strong market confidence in the semiconductor sector.
- Watts Water Upgrade: Watts Water Technologies jumped over 7% after Barclays upgraded its rating to overweight, as the company is seen as best positioned to benefit from the data center capital expenditures cycle with its expanding portfolio in waste and water technology.
- Abivax Stock Surge: U.S.-traded shares of French biotech company Abivax soared 40% after releasing new data on its ulcerative colitis treatment, showing malignancy rates in line with expectations and over 37% of initially non-responsive patients achieving clinical remission after about 10 months, highlighting treatment efficacy.
- Air Products Project Cancellation: Air Products and Chemicals rose over 8% after announcing it would not proceed with its Louisiana Clean Energy Complex, which is expected to incur up to $2.9 billion in pretax charges, reflecting the company's stringent financial return criteria.
See More
AeroVironment Shares Surge 30% After Earnings Beat Expectations
- Earnings Surprise: AeroVironment reported earnings of $1.84 per share and revenue of $642 million, surpassing analyst expectations of $1.46 and $559 million, leading to a 30% stock surge that underscores the company's robust performance in the drone sector.
- Acquisition Impact: Digital Realty Trust's agreement to purchase three fully leased data centers for $7.8 billion resulted in a 4.5% stock decline, raising concerns about its financial stability and prompting investors to monitor future earnings performance closely.
- Regulatory Investigation Pressure: Shares of Merck and AbbVie fell by 0.6% and 0.5%, respectively, following reports of a U.S. House committee probing their involvement in clinical trials that may have aided China's military capabilities, potentially harming their reputations and future business prospects.
- Market Volatility: Strategy stock, after a significant 22.6% gain, retraced over 3%, reflecting market sentiment instability, which necessitates cautious evaluation of its future trajectory by investors.
See More
U.S. Stocks Steady as Geopolitical Tensions Ease
- Market Stability: A tentative truce between the U.S. and Iran has led to a stabilization of global markets, with anticipated diplomatic talks in Doha expected to further influence market sentiment, although analysts remain cautious about future trends.
- S&P 500 Target Raised: RBC Capital Markets has raised its year-end S&P 500 target to 8,150 based on stronger earnings expectations, while cautioning investors to prepare for volatility rather than a smooth rally.
- Tesla's New Testing: Tesla has begun engineering tests for its autonomous Cybercab in Austin, which features no steering wheel or pedals; despite Cantor Fitzgerald warning that Q2 deliveries might miss estimates, its AI and autonomous driving initiatives are seen as long-term value drivers.
- Economic Data Focus: Investors will be tracking the upcoming release of the Case-Shiller and FHFA House Price Index, Chicago PMI, and Consumer Confidence Index, along with the JOLTS job openings report, which is expected to provide fresh clues on labor demand and influence Federal Reserve policy decisions.
See More
