Semtech Corporation experienced a sharp pullback as profit-taking swept through high-flying AI semiconductor equities following an analyst downgrade. Northland Securities cut its rating on the company from Outperform to Market Perform, pointing to a less compelling risk-reward profile after an extensive multi-month rally. The downgrade underscored growing market anxiety over elevated valuation multiples, as the stock had traded at a substantial premium driven by rapid expansion in its optical data center and LoRa technology segments. Analysts noted that despite strong underlying operational performance in high-speed optical connectivity for artificial intelligence infrastructure, current price levels already discount significant future…