With a market cap of $162.9 billion, QUALCOMM Incorporated (QCOM) is a global leader in wireless technology development and commercialization. The company operates through three main segments: Qualcomm CDMA Technologies; Qualcomm Technology Licensing; and Qualcomm Strategic Initiatives.

Companies valued at $10 billion or more are generally classified as “large-cap” stocks, and Qualcomm fits this criterion perfectly. Qualcomm’s flagship brands include Snapdragon chipsets, FastConnect wireless systems, and Qualcomm-branded cellular and IoT solutions, with a current strategic focus on integrating on-device generative AI across its product lines.

Shares of the San Diego, California-based company declined 35.7% from its 52-week high of $230.63. QCOM stock has dropped 5.6% over the past three months, lagging behind the SPDR S&P Semiconductor ETF's (XSD) marginal gain during the same period.

In the longer term, the mobile chip designer stock has dipped 30.4% over the past 52 weeks, lagging behind XSD's 8.9% drop over the same period. However, QCOM's shares have decreased 3.4% on a YTD basis, a less pronounced decline than XSD's 8.6% decline.

Since last year, the stock has been trading mostly below both its 50-day and 200-day moving averages, suggesting a bearish price trend.

Despite beating Q2 2025 expectations with an adjusted EPS of $2.85 and adjusted revenue of $10.8 billion on Apr. 30, Qualcomm shares fell 8.9% the next day due to a weaker-than-expected Q3 forecast, with revenue guidance midpoint at $10.3 billion, below the Wall Street estimate. Investor concerns were heightened by uncertainty surrounding U.S.-China trade tensions, potential future tariffs, and slowing global demand, especially from the smartphone, consumer IoT, and automotive sectors. 

Additionally, Qualcomm faces long-term pressure from Apple’s in-house modem development, which accounted for 27% of Qualcomm's Q2 revenue, with analysts projecting Apple may fully sever ties by 2027.

In comparison, rival NVIDIA Corporation (NVDA) has outperformed QCOM, gaining 22.2% over the past 52 weeks and 3.7% on a YTD basis.

Despite QCOM's weak performance, analysts are moderately optimistic about the stock's prospects. The stock has a consensus rating of “Moderate Buy” from the 32 analysts covering it, and it is currently trading below the mean price target of $182.12.