Qualcomm Stock Slides 30%: Buying Opportunity Ahead of July 29 Earnings

Summary

Few stocks have tested investor patience like Qualcomm Inc. NASDAQ: QCOM this summer. After hitting a high at the end of May, the chip giant gave back over 30% of its value through last Friday's close, unwinding much of a rally that had looked like the start of something far more durable. Qualcomm Today$170.32 -1.46 (-0.85%) As of 07/20/2026 04:00 PM Eastern52-Week Range$121.99▼$259.92Dividend Yield2.16%P/E Ratio18.51Price Target$219.76 What makes the slide so frustrating for the bulls is that it has come despite so many recent bullish updates. Qualcomm used its June Investor Day to double its fiscal 2029 non-handset revenue target and lay out a credible data center strategy with blue-chip customers already signed up. That was arguably the most consequential update in the company's recent history, and yet the stock has gone backward ever since.Get Qualcomm alerts:Sign Up With Qualcomm's next earnings report due July 29, the disconnect raises the question: has the market been justified in sending shares back to 2021 levels, or has it overreacted and created a golden entry opportunity? Why the Sell-off Doesn't Make SenseThe core of the bullish argument is straightforward. Qualcomm is still being valued largely as a legacy handset chipmaker, even though the company has spent the past year methodically building something quite different underneath. Last month’s Investor Day made that ambition explicit, with a doubled non-handset revenue target underpinned by a data center business targeting billions in revenue by the end of the decade, alongside meaningful growth ambitions in its automotive and internet of things (IoT) units. Add in the string of acquisitions Qualcomm has made to bolster its go-to-market offerings, and this starts to look like a company that has been quietly assembling the pieces for a real transformation. However, the market isn't buying it. But the gap between what Qualcomm says it will become and how investors price it today is precisely where the be...