Qorvo Inc. is a semiconductor company that develops and commercializes technologies and products for wireless and wired connectivity worldwide. Qorvo is a leading provider of RF solutions and is leveraging its strong position in mobility into diversified end markets. The company sells its products directly to original equipment manufacturers and original design manufacturers, as well as through a network of sales representative firms and distributors. The company operates through three segments: High-Performance Analog, Connectivity & Sensors Group, and Advanced Cellular Group.

The continued rotation out of Information Technology was clear on Wednesday and led to a breakdown in the Nasdaq 100 (QQQ), which booked its first lower low since November. Meanwhile, the S&P 500 (SPX) found support at its 50-day average for the third time since mid-December and refuses to break, this as money flows into smaller stocks as well as stocks in the Materials, Energy, Consumer Staples, and Industrial sectors. The S&P 500 Equal Weight (SPXEW) broke out of a small consolidation and closed at an all-time high (ATH). The S&P MidCap 400 rose 0.7% and the S&P Small Cap 600 popped 0.9%. Both are close to ATHs hit a few weeks ago. The QQQ broke trendline support off the lows since November and lost its 50-day for the fifth time in the past few months. The ETF also completed a bearish-ending diagonal pattern that has been in play since November's lows. The QQQ did rally off the worst levels of the day and again held the important 21-week exponential average. The last time that average was busted was in March 2025 -- but it was quickly recovered. We have now seen four distribution days with above-average volume on the QQQ over the past five days. We would not be surprised to see a full-blown pullback or even correction in the coming weeks and/or months. The QQQ has been underperforming the S&P 500, S&P MidCap 400 (MDY), and S&P SmallCap 600 (SML) consistently for three months. We haven't seen that length of weakness since the bear market in 2022. With the QQQ at 606, key support levels are the closing and intraday lows from November down at 585 and 580. If there is a break below that area, things could really get ugly.

Qorvo represents the combined entity of RF Micro Devices and TriQuint Semiconductor, which merged in January 2015. The company specializes in radio frequency filters, power amplifiers, and front-end modules used in many of the world’s most advanced smartphones. Qorvo also has a suite of products sold into a variety of nonsmartphone end markets, such as wireless base stations, cable TV and networking equipment, and infrastructure and military applications.

Qorvo Inc. is a semiconductor company that develops and commercializes technologies and products for wireless and wired connectivity worldwide. Qorvo is a leading provider of RF solutions and is leveraging its strong position in mobility into diversified end markets. The company sells its products directly to original equipment manufacturers and original design manufacturers, as well as through a network of sales representative firms and distributors. The company operates through three segments: High-Performance Analog, Connectivity & Sensors Group, and Advanced Cellular Group.