Qualcomm stock heads into the weekend with fresh momentum after a strong Friday session, upbeat earnings, and growing investor focus on its AI and data‑center ambitions. Here’s what QCOM’s latest move could mean for investors watching the stock today, November 22, 2025.
Qualcomm stock price snapshot for today
Because today (November 22, 2025) is Saturday, markets are closed and the latest data comes from Friday’s session on November 21.
- Latest close:$163.30
- Daily move:+2.32% vs Thursday’s close of $159.59 [1]
- Day range (Fri): $159.10 – $165.27 [2]
- 52‑week range: $120.80 – $205.95 [3]
- Volume (Fri): ~10.8 million shares, slightly above its 50‑day average around 10.4 million [4]
At Friday’s close, Qualcomm trades about 21% below its 52‑week high set on October 27 after its AI data center announcement, and roughly 35% above its 52‑week low. [5]
Over longer horizons:
- 1‑year return: about +4%
- Year‑to‑date (2025) return: about +6%
- 1‑month performance: roughly –3.5% [6]
So despite recent volatility, QCOM is modestly positive on the year and has outperformed some peers during pullbacks, but still hasn’t reclaimed its late‑October highs.
How Qualcomm traded versus the market and rivals on Friday
On Friday, November 21, 2025, Qualcomm outpaced the broader indices:
- QCOM: +2.32% to $163.30
- S&P 500: +0.98%
- Dow Jones: +1.08% [7]
Among major chip peers:
- NVIDIA (NVDA): –0.97%
- Broadcom (AVGO): –1.91%
- Intel (INTC): +2.62% [8]
In other words, QCOM joined Intel in finishing near the top of the large‑cap semiconductor group for the day, continuing a tug‑of‑war pattern where the stock has swung between AI optimism and profit‑taking since its big October rally.
Earnings recap: record revenue, big tax hit, and strong guidance
Qualcomm’s latest move is best understood in the context of its Q4 FY2025 earnings released on November 5, 2025. [9]
Headline numbers
For Q4 FY2025 (quarter ended September 28, 2025):
- Revenue:$11.27 billion, up about 10% year‑over‑year, and ahead of analyst expectations (~$10.74 billion). [10]
- Non‑GAAP EPS:$3.00, beating the ~$2.87 consensus. [11]
- GAAP EPS: heavily depressed by a large U.S. tax‑law charge, resulting in a reported quarterly GAAP loss even as operating income grew. [12]
For full‑year FY2025:
- Revenue: about $44.3 billion, up 14% year‑over‑year.
- Non‑GAAP EPS: roughly $12.03, up 18% versus the prior year. [13]
- GAAP EPS was about $5.01, reflecting the one‑time tax charge, which is why valuation multiples look very different on GAAP vs adjusted numbers. [14]
Segment performance: QCT still the engine
Qualcomm’s QCT chip division remains the core profit driver:
- QCT generated record annual revenue of about $38.4 billion, up 16% year‑over‑year, with earnings before tax up roughly 22%. [15]
- Within QCT, management highlighted:
- Headsets (smartphones): up ~14% in Q4 to nearly $7 billion, helped by premium Android phones using Snapdragon 8 Elite chips. [16]
- Automotive: up around 17% year‑over‑year. [17]
- IoT (including XR and smart glasses): up 7%, with smart glasses (for example Meta’s Ray‑Ban line) singled out as a fast‑growing category. [18]
- Non‑Apple QCT revenue: up 18%; combined Automotive + IoT revenue up 27% for the fiscal year, signaling successful diversification away from a pure smartphone story. [19]
The QTL licensing business remains highly profitable, with roughly $6.4 billion in licensing revenue over the year and strong margins, though growth there is slower and more mature. [20]
Guidance: upbeat view into Q1 FY2026
Management’s Q1 FY2026 outlook (the current quarter) was a major driver of recent optimism:
- Revenue guidance:$11.8 – $12.6 billion
- Non‑GAAP EPS guidance:$3.30 – $3.50, comfortably above the prior ~$3.05 Street consensus. [21]
Sell‑side analysts now expect about $9.4 in EPS for the current fiscal year, which implies double‑digit earnings growth if Qualcomm delivers. [22]
AI and data center: Qualcomm’s next growth pillar
A big part of the QCOM story “today” is no longer just smartphone chips—it’s AI everywhere, from data centers to PCs to smart glasses.
AI200 / AI250 and first data‑center customer
On October 27, 2025, Qualcomm formally announced its entry into the AI data center accelerator market with its AI200 and AI250 cards and racks, designed to optimize performance per dollar and per watt for AI inference workloads. [23]
Key points:
- AI200 is slated to ship in 2026, with AI250 following in early 2027.
- Qualcomm secured Humain, a Saudi‑based AI infrastructure player, as its first large customer, planning a deployment of up to 200 MW of Qualcomm AI systems starting in 2026. [24]
- The news sent QCOM stock up more than 11% on the day of the announcement and briefly to an intraday high above $205, establishing the current 52‑week peak. [25]
This push, combined with the pending $2.4 billion acquisition of UK‑based Alphawave Semi, is designed to give Qualcomm a more complete data‑center portfolio by adding high‑speed wired connectivity IP and custom silicon capabilities, strengthening its ability to compete with Nvidia, AMD and Broadcom in AI infrastructure. The Alphawave deal is expected to close around Q1 FY2026, subject to regulatory approval. [26]
Snapdragon 8 Elite Gen 5 and the AI PC / device cycle
On the device side, Qualcomm is leaning into AI‑accelerated computing:
- The Snapdragon 8 Elite Gen 5 mobile SoC targets the premium Android segment and underpins many flagship phones from Xiaomi, OnePlus and RedMagic. Early hands‑on reviews highlight class‑leading CPU/GPU performance and on‑device AI capabilities. [27]
- Qualcomm expects to maintain 100% chipset share in Samsung’s Galaxy S25 lineup and roughly 75% share in the forthcoming Galaxy S26 series, sustaining its dominance in premium Android while Apple gradually moves to its own modems. [28]
- Smart glasses and XR devices powered by Snapdragon are emerging as a notable IoT growth driver, with Meta and Samsung‑backed Android XR products cited as key examples. [29]
These AI‑driven product cycles are central to the bull case that Qualcomm can grow earnings while broadening its end‑markets beyond smartphones.
Valuation today: premium on GAAP, cheaper on forward earnings
Valuation is where opinions on Qualcomm diverge.
Earnings multiples
Based on Friday’s $163.30 close:
- On GAAP trailing earnings, multiple providers estimate a P/E ratio in the low‑30s (around 32–33x), inflated by the one‑time tax charge that depressed GAAP EPS to about $5.01. [30]
- On a forward or adjusted basis, Qualcomm screens much cheaper:
In plain language: GAAP numbers make QCOM look expensive, but if investors focus on underlying/normalized earnings power, the stock trades closer to average semiconductor valuations, especially relative to some high‑flying AI peers.
Dividend and income profile
For income investors:
- Quarterly dividend:$0.89 per share (annualized $3.56). [33]
- Dividend yield: roughly 2.1–2.2% at current prices. [34]
- Next ex‑dividend date:December 4, 2025; payable December 18, 2025. [35]
- Qualcomm has raised its dividend for roughly 20+ consecutive years, underscoring a long track record of returning cash to shareholders. [36]
Analyst sentiment: “Moderate Buy” with upside to targets
Analyst coverage is broadly constructive but not euphoric.
According to MarketBeat’s latest aggregation (November 22, 2025): [37]
- Consensus rating:“Moderate Buy”
- Coverage breakdown: 1 Strong Buy, 13 Buy, 9 Hold, 1 Sell
- Average 12‑month price target: about $190.38, implying roughly 17% upside from Friday’s close.
- Several firms recently raised their targets into the $200–$210 zone (e.g., TD Cowen to $205, Mizuho to $200, Susquehanna to $210).
Zacks and other outlets have also flagged Qualcomm as a “trending” semiconductor stock following its earnings beat and AI announcements, though they emphasize the usual caveats about cyclical risk and competition. [38]
Legal and regulatory overhangs investors should know about
Even on a strong day for the stock, Qualcomm is not risk‑free. Recent headlines highlight a mix of positives and new uncertainties.
Legal wins: Arm dispute
Qualcomm recently scored a major legal victory against Arm:
- A U.S. court issued a “full and final” judgment affirming Qualcomm’s right to use Nuvia‑derived CPU technology (Oryon cores) in its Snapdragon chips, after a December 2024 jury win. [39]
This ruling removes a large cloud over Qualcomm’s PC and data‑center roadmap, though Arm has said it plans to appeal, which could keep some legal noise in the background. [40]
Fresh regulatory and litigation noise
At the same time, several issues could affect sentiment:
- Korea’s Fair Trade Commission (KFTC) reportedly raided Arm’s Seoul office following a Qualcomm antitrust complaint about Arm’s licensing practices, underscoring the complex regulatory environment around core IP. [41]
- China’s SAMR has launched an antitrust investigation into Qualcomm over an alleged failure to file merger notifications for its Autotalks acquisition, highlighting regulatory scrutiny around M&A. [42]
- In the UK, Qualcomm is fighting a £480 million (~$647 million) collective lawsuit alleging that its licensing practices inflated smartphone prices for consumers; Qualcomm denies wrongdoing and the case is ongoing. [43]
- Patent litigation continues as a background risk: Polaris Innovations recently filed another suit targeting Snapdragon and X‑series processors. [44]
None of these issues has derailed the stock in the short term, but they form part of the risk backdrop that longer‑term investors should monitor.
Key takeaways for Qualcomm stock today (November 22, 2025)
Pulling it together, here’s how QCOM looks heading into the new week:
Positives
- Momentum: Stock just bounced +2.3% on above‑average volume, outperforming the broader market. [45]
- Fundamentals: FY2025 delivered double‑digit revenue and EPS growth, record QCT revenue, and especially strong Automotive/IoT expansion. [46]
- AI story: Clear, multi‑pronged AI strategy—from data‑center accelerators (AI200/AI250, Alphawave deal) to AI‑heavy Snapdragon chips in phones, PCs, XR, and smart glasses. [47]
- Capital returns: Solid dividend (~2.2% yield) with a long history of increases, plus ongoing buybacks. [48]
- Valuation vs growth: Forward and normalized P/E multiples in the mid‑teens are arguably reasonable for a company guiding to higher earnings with strong AI tailwinds. [49]
Watch‑outs
- Volatility and sentiment: QCOM remains ~20% below its recent high and has seen multi‑day losing streaks, reminding investors that AI‑exposed semis can be volatile even when fundamentals are improving. [50]
- Regulatory and legal risk: Ongoing lawsuits and antitrust investigations around licensing and M&A could add occasional headline risk or, in a worst‑case scenario, financial or structural constraints. [51]
- Cyclicality: Despite diversification, Qualcomm still relies heavily on smartphone and consumer demand, which can be cyclical and sensitive to macro conditions. [52]
What this means for different types of investors
Not financial advice – The following is general information, not a recommendation to buy or sell any security. Always do your own research or consult a licensed financial adviser.
- Growth‑oriented investors may see Qualcomm as an AI‑levered semiconductor name with several shots on goal: AI data centers, AI PCs, XR, smart glasses, and automotive. The upside case leans on the company executing its AI and data‑center roadmap while expanding margins. [53]
- Value and GARP investors might focus on the spread between the elevated GAAP P/E (distorted by tax charges) and the mid‑teens forward P/E, plus the dividend and buybacks. The question here is whether normalized EPS and free cash flow continue to grow at a pace that justifies multiple expansion. [54]
- Income investors may primarily care about the 2%+ yield, the upcoming December 18 dividend, and the company’s multi‑decade history of dividend growth, while keeping an eye on payout ratios and long‑term earnings power. [55]
For now, the story heading into next week is that Qualcomm has re‑established some short‑term momentum, analysts remain broadly constructive, and the company is positioning itself as a diversified AI computing platform rather than just a smartphone chip supplier. How the stock trades from here will likely depend on follow‑through in AI data‑center traction, the smartphone cycle, and any new twists in the regulatory and legal landscape.
References
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