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    QUALCOMM (QCOM) Expands Beyond Handsets, Is An 11% Discount Warranted?

    Simply Wall St·11/09/2026 20:26:18
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    QUALCOMM (QCOM) has given investors fresh information to weigh, pairing a new fixed rate senior unsecured bond offering with recent quarterly results, first quarter 2027 revenue guidance and headline collaborations in AI and connectivity.

    QUALCOMM shares have been volatile around this news flow, with a 1 day share price return of 5.5% and a 7 day gain of 2.1% sitting against a 30 day share price decline of 5.8% and a year to date share price drop of 4.4%. That short term rebound has arrived alongside headlines on the SpaceX collaboration, Alphabet’s US$548m stake and ETF inflows. The 3 year total shareholder return of 42.3% compared with a 1 year total shareholder return decline of 1.6% suggests longer term holders have still seen gains even as momentum has recently cooled.

    Compare QUALCOMM's AI, data center and 5G story with a curated group of chipmakers and enablers powering similar trends using our 53 AI infrastructure stocks.

    QUALCOMM now trades a little below both analyst targets and some fair value estimates after a sharp swing in sentiment. Is that gap a true margin of safety, or a warning that expectations still need to reset further?

    Most Popular Narrative: 11% Undervalued

    On the analyst consensus Narrative on Simply Wall St, QUALCOMM screens as modestly undervalued, with a fair value of $185.79 versus the last close at $165.41. This frames the recent pullback within a longer roadmap that emphasizes non-handset growth.

    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 649 investors see QUALCOMM as 11% undervalued.

    Result: Fair Value of $185.79 (UNDERVALUED)

    Still, QUALCOMM’s story can break if smartphone demand stays weak for longer or if new AI and data center projects fail to hit their ambitious targets.

    Find out about the key risks to this QUALCOMM narrative.

    Next Steps

    Sentiment around QUALCOMM is clearly mixed, with sharp moves and big projects pulling in different directions, so it makes sense to pressure test the numbers yourself now. To see how the balance of concerns and potential upsides stacks up in one place, review the 4 key rewards and 1 important warning sign.

    Looking for more QUALCOMM sized opportunities?

    If QUALCOMM has sharpened your thinking, do not stop there. The next edge often comes from comparing it against fresh ideas you have not screened yet.