As of the close on Friday, November 28, 2025, shares of Qualcomm Incorporated (NASDAQ: QCOM) were trading in the high $160s, after a roughly 1.5–1.8% gain in a shortened post‑Thanksgiving session. Intraday, the stock touched around $168 after previously closing near $165, according to MarketBeat and exchange data. [1]
On Saturday, November 29, 2025, the news flow around Qualcomm is dominated by three threads that matter for QCOM stockholders:
- Progress toward closing the $2.4 billion Alphawave AI acquisition
- A rapidly evolving AI roadmap, from AI200/AI250 data‑center accelerators to the new Snapdragon 8 Gen 5 mobile chipset
- Fresh analysis of long‑term returns, institutional ownership and valuation, including a widely shared Kiplinger deep dive and new regulatory and legal developments. [2]
Qualcomm stock today: price, performance and yield
Qualcomm’s stock ended Friday’s U.S. session around $168 per share, up from a prior close close to $165.14, with an intraday high near $168.19 and somewhat lighter‑than‑usual volume. [3]
Year to date in 2025, QCOM has gained only mid‑single digits (around 6–7%), a clear underperformance relative to the Nasdaq Composite’s roughly 19% rally over the same period, according to recent comparative analysis from Yahoo Finance. [4]
From an income perspective, Qualcomm continues to behave like a mature cash generator:
- Quarterly dividend:$0.89 per share (annualized $3.56)
- Dividend yield: a bit above 2% at current prices
- Next ex‑dividend date:December 4, 2025 [5]
MarketBeat data pegs the stock’s earnings multiple in the mid‑teens on a non‑GAAP basis, lower than some frothy AI peers. [6] GuruFocus, using stricter GAAP metrics, shows a P/E above 30x, illustrating how valuation judgments on QCOM depend heavily on which profit measure you use. [7]
Alphawave AI deal: regulatory green light and data‑center ambitions
The Alphawave IP Group acquisition is the biggest single deal headline for Qualcomm into this weekend.
- Qualcomm agreed in mid‑2025 to acquire UK‑listed Alphawave Semi/IP Group for about $2.4 billion in cash, aiming to bolt Alphawave’s high‑speed wired connectivity and custom silicon IP onto Qualcomm’s own AI and data‑center portfolio. [8]
- Through October and November, the companies ticked off regulatory approvals in the U.S. (Hart‑Scott‑Rodino), Germany, Canada and other jurisdictions. [9]
- This week, Alphawave disclosed that South Korean merger‑control clearance, the last major condition, has effectively been obtained or waived, clearing the path to a UK court sanction hearing scheduled for December 16, 2025. [10]
TipRanks’ M&A coverage on November 27–28 characterized the South Korean green light as the final regulatory hurdle, describing Qualcomm as “sealing” the deal and underscoring management’s “high hopes” for its AI potential. [11]
Strategically, Alphawave gives Qualcomm:
- Proven SerDes and high‑speed interconnect IP, crucial for dense AI server racks
- Additional expertise in chiplets and custom ASIC work for cloud and networking customers [12]
For QCOM shareholders, the short‑term question is about integration risk and capital allocation. Alphawave required bridge financing and operates in a highly cyclical infrastructure market; investors will be watching closely to see whether Qualcomm can convert the IP portfolio into margin‑accretive AI data‑center revenue over the next several years. [13]
AI200 / AI250: Qualcomm’s entry into AI data centers
On October 27, 2025, Qualcomm launched its first rack‑scale AI accelerators, the AI200 and AI250, explicitly targeting Nvidia, AMD and other incumbents in the AI server space. [14]
Key details:
- AI200: inference‑focused accelerator card and rack, targeting 2026 availability
- AI250: more powerful follow‑up expected in early 2027
- Designed for liquid‑cooled racks, optimized for performance per dollar per watt in generative‑AI workloads
- Humain, a Saudi‑backed AI firm, has committed to deploy an estimated 200 megawatts of Qualcomm AI systems starting in 2026. [15]
The market reaction was explosive: QCOM shares jumped more than 11–13% in a single session and at one point traded above $200 intraday, one of their biggest one‑day moves in years. [16]
Since then, the stock has cooled to the high‑$160s, but the narrative has shifted. Qualcomm is no longer being viewed solely as a smartphone modem and handset chip story; it is now widely analyzed as an emerging AI infrastructure vendor with a credible power‑efficiency angle in a data‑center market that is desperate for alternatives to Nvidia. [17]
Snapdragon 8 Gen 5: keeping Qualcomm central to Android AI
The second AI pillar this week is mobile. On November 25, 2025, Qualcomm officially unveiled the Snapdragon 8 Gen 5, a new flagship‑tier SoC that sits just below the high‑end Snapdragon 8 Elite Gen 5. [18]
According to Qualcomm and independent coverage:
- The chip uses TSMC’s 3 nm N3P process and custom Oryon CPU cores, with significant efficiency and performance gains over Snapdragon 8 Gen 3. [19]
- Qualcomm claims up to 36% faster CPU, around 11% better GPU performance, and large on‑device AI improvements versus prior‑generation 8‑series parts. [20]
- It’s positioned for “affordable flagship” Android phones rather than ultra‑premium devices, broadening Qualcomm’s on‑device AI reach. [21]
The OnePlus 15R, set for global launch on December 17, 2025, will be the first phone to ship with Snapdragon 8 Gen 5, with additional designs coming from Vivo, Motorola, iQOO and others. [22]
For QCOM shareholders, this matters because:
- Premium Android phones have been a key profit center, and on‑device generative AI is emerging as the next big upgrade driver. [23]
- Qualcomm expects to retain about 75% modem share in Samsung’s upcoming Galaxy S26 lineup, down from 100% in the S25 series but still dominant in the premium Android tier. [24]
Earnings, guidance and diversification beyond smartphones
Qualcomm’s recent financial results show a company in transition from a pure handset cycle play to a more diversified AI and connectivity platform.
Q3 FY2025 (quarter ended June 29, 2025)
- Revenue: about $10.4 billion, +10% year over year
- GAAP net income: roughly $2.67 billion, +25%
- Non‑GAAP EPS: about $2.77, +19% [25]
By segment (QCT only):
- Handsets: up about 7% to $6.3 billion
- Automotive: up 21% to a record $984 million
- IoT: up 24% to around $1.68 billion
- QCT’s EBT margin improved to roughly 30%, up from 27% a year earlier. [26]
The company returned about $3.8 billion to shareholders in that quarter alone, combining $967 million in dividends with $2.8 billion in buybacks, highlighting continued confidence in long‑term cash generation. [27]
Q4 FY2025 and forward guidance
On November 5, 2025, Qualcomm reported Q4 and full‑year FY2025 results and issued guidance for Q1 FY2026: [28]
- Q4 revenue of about $11.27 billion, ahead of consensus around $10.8 billion
- Adjusted EPS of $3.00, vs expectations near $2.87
- Q1 FY2026 guidance:
- Revenue:$11.8–$12.6 billion
- Non‑GAAP EPS:$3.30–$3.50 [29]
Reuters emphasized that the guidance beat Wall Street estimates, but also highlighted a key risk: Qualcomm expects its modem share at Samsung to fall to about 75% in the Galaxy S26 family, down from 100% in the S25 lineup, keeping smartphone customer concentration firmly in focus. [30]
Institutional money is piling into QCOM
A fresh wave of institutional ownership news has also hit the tape in the last few days:
- Norges Bank, Norway’s sovereign wealth manager, recently disclosed a roughly 1.6% stake in Qualcomm (over 17 million shares), a position valued in the multi‑billion‑dollar range. [31]
- A TradingView summary on November 27 noted that Bank of America and Goldman Sachs now each hold 1% or more of Qualcomm’s shares, signalling broad‑based big‑bank conviction. [32]
- MarketBeat has flagged multiple smaller 13F filers—such as GM Advisory Group, Boston Partners and others—boosting their Qualcomm positions in recent quarters. [33]
Across data providers, between three‑quarters and just over 80% of QCOM’s float is now institutionally owned, a high figure even by large‑cap tech standards. [34]
In the very short term, this institutional bid has helped absorb volatility: MarketBeat’s November 28 daily recap noted that QCOM’s 1.6% gain to roughly $168 came on below‑average volume, with the stock rated a “Moderate Buy” and an average analyst target around $190. [35]
Long‑term track record: underperformer in the 20‑year view
A widely read Kiplinger feature, published on November 28, is circulating heavily in investor circles this weekend because it reframes Qualcomm’s long‑term performance. [36]
Kiplinger’s key points, summarized:
- A $1,000 investment in QCOM 20 years ago would now be worth roughly $5,600, implying about 9% annualized total return.
- The same $1,000 in a broad S&P 500 index fund would be around $7,900, or roughly 10.9% annualized—meaning Qualcomm has lagged the benchmark over that specific period despite its technological importance.
- Over its full life as a public company, though, QCOM has delivered around 19.9% annualized total return, almost double the long‑run S&P average, but those numbers conceal long stretches of flat or disappointing performance. [37]
On the analyst side, Kiplinger cites 36 covering analysts, with a split of 11 “Strong Buy,” 5 “Buy,” 19 “Hold” and 1 “Strong Sell,” producing an overall Buy‑leaning but cautious consensus. [38]
Other recent analyst color includes:
- UBS: Neutral rating, price target raised to $175 on October 27, 2025 [39]
- Susquehanna: “Positive” rating, target lifted to $200 [40]
- Rosenblatt: Buy, $225 target [41]
- Bank of America: reiterated Buy, $215 target, arguing that Qualcomm remains a key beneficiary of global 3G/4G/5G and connected‑device adoption. [42]
Taken together, the sell‑side narrative is that Qualcomm has under‑delivered historically, but could be undervalued if its AI, automotive and IoT growth vectors play out.
Legal and regulatory overhangs: Arm dispute and global scrutiny
No Qualcomm stock article in 2025 is complete without the Arm licensing saga.
- In October 2025, Qualcomm won a decisive U.S. federal court ruling affirming that its use of Nuvia‑derived Oryon CPU technology falls under its existing Arm architecture license, effectively shutting down Arm’s attempt to block Qualcomm from using those designs. [43]
- Despite that legal victory, Qualcomm has filed antitrust and unfair‑practice complaints against Arm in multiple jurisdictions, arguing that Arm’s new licensing posture harms existing licensees. [44]
- On November 20, 2025, Korea’s Fair Trade Commission reportedly raided Arm’s Seoul office, acting on Qualcomm’s complaint about alleged unfair restrictions on access to Arm’s architectures. Regulators have not made any findings yet, but the move signals serious scrutiny of Arm’s model. [45]
Regulatory pressure cuts both ways. Qualcomm has its own long history of antitrust disputes and licensing investigations in the U.S., EU and Asia, and shareholder lawsuits continue to surface, including a UK collective action worth hundreds of millions of pounds. [46]
For investors, the takeaway is that legal and regulatory risk remains structurally embedded in the Qualcomm story—especially now that it is pushing aggressively into AI data centers, where competition and geopolitics are intense.
Key risks for QCOM investors to watch
Pulling together this week’s news, several risk themes stand out:
- Smartphone dependence & customer concentration
- AI data‑center competition
- AI200/AI250 will enter a market where Nvidia’s ecosystem is deeply entrenched and AMD and Intel are also ramping AI roadmaps. [50]
- Cloud providers face high switching costs, so winning sizable, sustained deployments will be a multi‑year effort.
- Alphawave integration and execution
- While strategically attractive, the Alphawave purchase adds integration, cultural and execution risk just as Qualcomm is scaling a new business line. [51]
- Valuation and expectations
- After the October AI rally, several valuation models (like GuruFocus’s GF Value) suggest limited upside or even mild downside from recent prices, although others see room to run toward $190–$200. [52]
- Macro & cyclical semiconductor risk
- Qualcomm’s beta above 1.6 and its exposure to global electronics demand mean that any downturn in AI capex or smartphone upgrades could hit earnings harder than the broad market. [53]
Bottom line for Qualcomm (QCOM) stock on November 29, 2025
Putting the November 29, 2025 news together, the picture looks something like this:
- Short‑term sentiment is largely positive: QCOM has bounced into the high‑$160s, the Alphawave deal is effectively cleared, AI200/AI250 have given the stock a new narrative, and Snapdragon 8 Gen 5 should help keep Qualcomm at the center of the premium Android ecosystem. [54]
- Fundamentals show solid diversification—double‑digit growth in Automotive and IoT, expanding margins, strong free‑cash‑flow and a healthy dividend‑plus‑buyback machine. [55]
- Ownership and Street opinion are supportive: institutional investors control most of the float, and the analyst community leans Buy/Outperform, with a cluster of price targets between roughly $175 and $225. [56]
- Risks—from smartphone concentration and Alphawave integration to the Arm licensing war and AI competition—are real and will likely keep volatility elevated.
The core question for investors is whether Qualcomm can execute on its AI and data‑center ambitions quickly enough to offset inevitable volatility in smartphones and licensing, and whether today’s price already embeds too much of that optimism.
References
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