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    QUALCOMM (QCOM) Nears Earnings, Is A 15% Undervaluation Enough?

    Simply Wall St·11/02/2026 14:17:15
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    QUALCOMM (QCOM) heads into this week’s earnings spotlight with investors focused on mobile and edge AI demand, rising semiconductor input costs, and recent sector rotation away from technology stocks.

    The recent pullback tells the story. QUALCOMM’s share price dropped 11.12% in a single session on October 30 and is down 10.86% over the past 30 days, while the 90 day share price return of 1.30% and 3 year total shareholder return of 46.42% point to longer term gains that investors are weighing against fresh concerns about semiconductor demand and pricing power as this week’s earnings and sector headlines land.

    Scan beyond QUALCOMM and see how other chip and AI infrastructure players are resetting after this pullback with our hand picked 54 AI infrastructure stocks.

    QUALCOMM now trades below both its own estimated intrinsic value and the average analyst target after this drop. Is that a margin of safety, or a warning sign that the market’s caution on AI and smartphones is justified?

    Most Popular Narrative: 15% Undervalued

    QUALCOMM closed at $164.79, while the most followed narrative pegs fair value at about $194.13 using an 11.6% discount rate. That gap puts the focus squarely on whether non handset businesses can shoulder more of the story.

    Execution on the AWS custom silicon and optical connectivity agreement, which could total up to US$60b of product purchases over ten years and is expected to start contributing from the December 2026 quarter, would support Qualcomm’s new data center revenue goals of US$5b in fiscal 2027 and US$15b in fiscal 2029 and could become a key driver of long term revenue growth.

    See why 638 investors see QUALCOMM as 15% undervalued.

    Result: Fair Value of $194.13 (UNDERVALUED)

    Still, Qualcomm’s heavy exposure to cyclical smartphones, along with the risk that big AI and data center programs underdeliver, could quickly flip this undervaluation story.

    Find out about the key risks to this QUALCOMM narrative.

    Next Steps

    Mixed messages around QUALCOMM can tempt you to lean on headlines, but speed matters here, so pressure test the optimism, caution yourself, and weigh the 3 key rewards and 1 important warning sign.

    Looking for more investment ideas beyond QUALCOMM?

    Do not stop your research with QUALCOMM. Broaden your watchlist using focused screeners that surface companies with different strengths, income profiles, and risk levels.