Qualcomm's 35% Drop Offers AI Upside Backed By Strong Legacy Cash Flows

AnalystProduct / Tech
โดย Yahoo Finance·US·Read original
Summary · why it matters

Qualcomm has fallen 35% from its May 2026 highs, and the market is pricing it like a company in decline following tough quarterly results and weakness in smartphones. QCT handset revenue dropped 20% last quarter as smartphone OEMs cut chipset purchases and worked down inventory amid memory supply constraints, while Apple is expected to use Qualcomm modems in only around 20% of iPhones in 2026 and none by 2027. Fiscal Q3 adjusted earnings fell to $2.21, about 20% year over year, with Q4 guidance pointing to further softness, but the stock still trades at just about 16x forward earnings on projected fiscal 2027 earnings of $10.20 per share. Qualcomm is targeting more than $15 billion in annual data-center revenue by fiscal 2029, with its AI200, AI250, and AI300 inference systems, a 200 MW agreement with HUMAIN starting in 2026, and a multi-generation CPU deal with Meta for the Dragonfly C1000 expected to enter production in 2028. The completed $2.4 billion Alphawave acquisition further strengthens this strategy by giving Qualcomm high-speed connectivity, custom silicon, and chiplet capabilities.

Impact on stocks 6

Artificial Intelligence± Mixed · 5 stocks
Apple Inc.
AAPL
▼ NegativeDemandrelevance

Apple expected to use Qualcomm modems in only 20% of iPhones in 2026 and none by 2027.

Meta Platforms Inc.
META
▲ PositiveDemandrelevance

Multi-generation CPU deal with Qualcomm for Dragonfly C1000 expected in 2028.

Semiconductors▲ · 1 stocks
Qualcomm Incorporated
QCOM
▲ PositiveDemandrelevance

Targets $15B data-center revenue by 2029 with AI systems and deals with HUMAIN and Meta.

Theme Impact 4

Off-coverage companies 1

HUMAINPrivate± Mixed
relevance

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