Qualcomm extends its AI reach, shares under pressure after recent drop

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 08:08.

Qualcomm (US7475251036) faces mixed signals this week as its NASDAQ-listed shares trade below recent highs while AI-related news and segment trends keep the stock in focus. According to recent analyst commentary, the chipmaker continues to see handset pressure but records in automotive and AI are counterbalancing the weakness.

What Reuters and Bloomberg report

MarketBeat cites a Reuters and Bloomberg-based update that Qualcomm is nearing a deal for AI chip startup Modular, with the potential acquisition framed as part of its push to strengthen data center and on-device AI capabilities. MarketBeat news overview referencing Reuters and Bloomberg The same report notes that at least one Wall Street analyst has recently raised a Qualcomm price target, explicitly citing ongoing optimism around AI exposure.

In parallel, Zacks highlights that Qualcomm shares recently closed at roughly 221.49 US dollars, a one-day decline of just over 2 percent, underperforming the S&P 500 and the broader technology sector on the same session. Zacks analysis of Qualcomm's latest move versus the S&P 500 The report underlines that the stock has lost around 5 percent over the past month, compared with gains for both the S&P 500 and the computer and technology cohort.

How analysts read the segments

Analyst summaries compiled by INDmoney show that Qualcomm's QCT segment revenue recently declined about 4 percent year-on-year, primarily because of handset market weakness, while automotive and Internet of Things activities posted growth and helped offset the smartphone slowdown. INDmoney recap of Qualcomm segment performance and share price Automotive revenue alone reportedly reached a record near 1.3 billion US dollars in the latest period, highlighting the increasing weight of non-handset business lines.

Zacks notes that over the month prior to the latest session Qualcomm shares dropped just over 5 percent while the S&P 500 gained roughly 2 percent and the broader computer and technology sector advanced more than 4 percent. Zacks relative performance commentary on Qualcomm versus benchmarks That relative underperformance mirrors investor caution on the cyclical handset business despite increasing attention on AI-enabled devices and automotive platforms.

The product behind the stock

Qualcomm generates the bulk of its revenue through its QCT segment, which designs and supplies Snapdragon system-on-chips for smartphones, laptops and other connected devices, and through its QTL licensing business that monetizes a broad portfolio of mobile communication patents. Qualcomm annual report explaining QCT and QTL revenue mix Increasingly, the company also targets automotive digital cockpits and connectivity platforms, as well as edge and IoT modules for industrial and consumer applications.

Where the stock trades today

Qualcomm shares (US7475251036) last closed on the NASDAQ at 221.90 US dollars on 2026-06-22 at 16:00 Eastern Time, down about 1.9 percent on the day according to recent consolidated price data.

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Historical performance is not a reliable indicator of future results.