Qualcomm Incorporated (NASDAQ: QCOM) is back in the spotlight as its stock climbs in early December, powered by an AI-heavy strategy, strong recent earnings, and a wave of institutional and options activity ahead of a key ex‑dividend date.
As of the close on December 3, 2025, Qualcomm shares trade around $175 (about +2.5% on the day), leaving the stock roughly 15% below its 52‑week high of $205.95 and well above its 52‑week low of $120.80. [1]
Below is a detailed look at today’s key QCOM news, forecasts and analyses that matter for investors and traders following the stock.
1. Qualcomm Stock Today: Price, Performance and Market Context
- Latest price (Dec 3, 2025): about $175.07, up roughly 2.6% on the session.
- 52‑week range:$120.80 – $205.95, placing the current price roughly 45% above the low and ~15% below the high. [2]
- 2025 performance: Qualcomm shares are up around 9% year‑to‑date, lagging broader indices but still positive as the company transitions from a smartphone‑centric story to a broader AI and edge‑computing platform. [3]
A MarketBeat feature published today notes that Qualcomm has recently bounced off support near $160 and remains in a rising price channel that’s been intact since April, with momentum indicators like RSI and MACD turning back in favor of the bulls. [4]
That same article highlights:
- $160–$165 as a “must‑hold” technical floor,
- Resistance in the $175 area, where sellers have previously stepped in, and
- The idea that if the rally holds above support, the stock could be setting up for a renewed push into 2026. [5]
2. Options Surge and Short‑Term Sentiment
One of today’s standout stories is in the derivatives market:
- Call option volume exploded on December 3. A MarketBeat options alert reports that traders bought 105,574 QCOM call contracts, about 73% above the typical daily call volume of 61,147. [6]
Elevated call activity often signals:
- Speculative bullish bets on near‑term upside, or
- Hedging by institutions that are long the stock and want additional leverage into catalysts such as AI announcements or the approaching dividend.
Combined with the bounce from technical support, today’s options data suggest short‑term sentiment has decisively tilted bullish.
3. Q4 FY2025 Earnings: Record QCT, Auto and IoT Growth
Qualcomm’s current stock narrative is anchored in strong Q4 FY2025 results and guidance:
- Q4 FY2025 revenue:$11.3 billion, up about 10% year‑over‑year and ahead of Wall Street expectations (~$10.8 billion). [7]
- Segment breakdown (QCT/QTL):
- QCT (chip business):$9.8 billion, +13% YoY
- QTL (licensing):$1.4 billion, –7% YoY [8]
- Within QCT in Q4:
- Handsets:$7.0 billion, +14% YoY
- IoT:$1.8 billion, +7% YoY
- Automotive:$1.1 billion, +17% YoY [9]
- Non‑GAAP EPS: about $3.00 in Q4, up roughly 12% YoY and above guidance, with fiscal‑year 2025 non‑GAAP revenue of $44 billion (+13% YoY) and non‑GAAP EPS of $12.03 (+18% YoY). [10]
- Free cash flow: record $12.8 billion for the year. [11]
Analyst commentary from Futurum and Alpha‑Sense emphasizes that 2025 marked a “record year” for QCT, with non‑Apple QCT revenue up 18% YoY and Automotive and IoT together growing more than 25%. [12]
However, GAAP numbers were distorted by a $5.7 billion non‑cash tax charge that reduced deferred tax assets, hitting reported net income even as operational performance improved. [13]
Takeaway: On an operating and non‑GAAP basis, Qualcomm just delivered double‑digit growth across revenue, EPS and free cash flow, backed by diversification into AI PCs, automotive, IoT and XR.
4. AI PCs, Edge AI and Data‑Center Ambitions
AI PCs and Snapdragon X / X2
Qualcomm is aggressively positioning itself as an AI PC leader:
- Its Snapdragon X Elite and X Plus laptop platforms are being adopted by OEMs including Dell, HP, Lenovo and ASUS. [14]
- The company has subsequently launched Snapdragon X2 Elite and X2 Elite Extreme for premium laptops, touting performance and power‑efficiency advantages over x86 incumbents. [15]
- Management now expects around 150 Snapdragon‑powered AI PC designs to be commercialized through 2026, pointing to a meaningful new revenue stream as Windows 10 devices are replaced. [16]
Industry research cited by Zacks/Nasdaq suggests the AI PC market could grow at a ~43% compound annual growth rate from 2025 to 2034, providing a strong secular tailwind if Qualcomm can hold its early lead. [17]
Edge AI and XR
Beyond PCs, Qualcomm is leaning into edge AI:
- AI‑enabled smart glasses and XR devices powered by Snapdragon chips are seeing accelerating adoption, including Meta’s latest Ray‑Ban smart glasses and Samsung’s emerging XR products. [18]
- Qualcomm now counts roughly 30 XR designs in production or development, reinforcing its role as a key enabler of mixed and extended reality. TS2 Tech
Data‑Center AI and HUMAIN Partnership
Qualcomm is also moving into the AI data‑center inference market:
- The company has announced AI200 and AI250 data‑center chips targeting Nvidia’s dominance in AI inference workloads, aiming to compete on power efficiency and total cost of ownership. [19]
- Qualcomm and Saudi sovereign‑fund‑backed HUMAIN are establishing a Qualcomm AI Engineering Center in Riyadh, opening in December 2025. The center will support the rollout of about 200 MW of data‑center capacity built on Qualcomm cloud AI solutions starting in 2026. [20]
Implication: Qualcomm’s AI story is no longer just about smartphones; it increasingly spans AI PCs, XR, automotive and data centers, which is central to the bullish long‑term thesis on the stock.
5. Dividend, Ex‑Dividend Date and Shareholder Returns
Income investors have several reasons to keep QCOM on their radar this week.
Ex‑Dividend on December 4, 2025
Multiple sources confirm that:
- Qualcomm will pay a quarterly dividend of $0.89 per share,
- The ex‑dividend date is December 4, 2025,
- The payment date is December 18, 2025,
- At current prices, the annualized dividend ($3.56) implies a yield of roughly 2.0–2.1%. [21]
Dividend‑tracking services estimate Qualcomm’s payout ratio near 69% of earnings but only about 30% of free cash flow, which is generally considered sustainable given the company’s robust cash generation. TS2 Tech+1
Qualcomm has also increased its dividend for about 20 consecutive years, reinforcing its status as a dividend‑growth tech stock rather than a purely speculative AI play. [22]
Buybacks and Capital Return
In fiscal 2025, Qualcomm returned about $12–13 billion to shareholders through dividends and share repurchases, essentially distributing almost all of its free cash flow. [23]
Together, dividends plus buybacks make QCOM a hybrid income‑and‑growth story, which many analysts see as attractive given the company’s AI optionality. TS2 Tech
6. Hedge Funds, Insiders and Institutional Activity
Invesco Trims, but Institutions Remain Dominant
A MarketBeat institutional‑ownership note published today reports that:
- Invesco Ltd. cut its stake by about 2.0%, selling 192,189 QCOM shares in Q2.
- It still holds around 9.65 million shares (0.89% of the company) worth roughly $1.54 billion at recent prices. [24]
- Overall, about 74% of Qualcomm’s float is held by institutional investors and hedge funds. [25]
David Tepper’s Big Bet on QCOM
On the bullish side, billionaire David Tepper’s Appaloosa LP has been aggressively adding to Qualcomm:
- A recent piece from The Motley Fool notes that Appaloosa boosted its Qualcomm position by roughly 255.7% in Q3 2025, while trimming stakes in Alphabet and Amazon. [26]
- Quiver Quantitative data show that Appaloosa added 895,000 QCOM shares as per its latest 13F filing, confirming the significant move. [27]
This high‑profile hedge fund vote of confidence is often cited by bullish commentators as evidence that “smart money” sees Qualcomm as a compelling AI and value play.
Insider Selling
Counterbalancing that, both MarketBeat and Quiver highlight meaningful insider selling:
- CEO Cristiano Amon has sold around 150,000 shares in recent months, worth roughly $24–25 million. [28]
- Across senior executives, about 164,661 shares (~$27.3 million) have been sold over the last three months, with no reported insider purchases, leaving insiders with roughly 0.08% of the float. [29]
Insider selling in large, mature tech firms is common (often for diversification or tax reasons), but the absence of insider buying is still something more cautious investors will note.
7. Wall Street Analyst Ratings and Price Targets
Consensus: “Moderate Buy” with High‑$180s to Low‑$190s Targets
Across major platforms, human analysts remain broadly constructive:
- MarketBeat:
- Consensus rating: “Moderate Buy” based on 24 analysts.
- Average 12‑month price target: $190.38 (about 8–9% upside from ~$175).
- Target range: $150 – $225. [30]
- Investing.com:
- 25 analysts, average target ~$191.8, range $157 – $225, implying roughly 9–10% upside. [31]
- StockAnalysis:
- 17 covering analysts, consensus rating “Buy”, average target $186.94 (~6–7% upside). [32]
Quiver adds color on individual notes issued around the Q4 print:
- UBS: target raised to $185 (Hold).
- Wells Fargo:$165 (Sell).
- Piper Sandler & Mizuho:$200 (Buy/Outperform).
- Rosenblatt:$225 (Buy).
- Bank of America:$215 (Buy).
- J.P. Morgan:$210 (Overweight). [33]
In short, most human analysts see mid‑single‑ to low‑double‑digit upside over 12 months, with a few high‑conviction bulls targeting the low‑$200s.
8. Algorithmic and Quant Forecasts: A Split Verdict
While human analysts lean bullish, algorithmic and purely quantitative models are more divided, sometimes sharply so:
- StockScan’s model projects:
- Short‑term (30‑day) average price target around $237.57 (~36% upside).
- 12‑month average target $246.16, implying over 40% upside from current levels. [34]
- CoinCodex, which bases its call entirely on technical and statistical signals, is much more cautious:
- Projects QCOM to average around $179 in December 2025 (modest upside).
- One‑year forecast: about $123.34, implying roughly –28% downside from today.
- 2030 forecast: around $105, also well below current levels.
- On this basis, it labels QCOM “not a good stock to buy” despite near‑term bullish technical signals. [35]
This human vs. quant divergence is an important part of today’s Qualcomm story:
- Fundamental and AI‑driven growth narratives support a measured upside case,
- But some models, focusing on cyclicality and historical volatility, warn of long‑term downside risk.
9. Technical Picture: $160 as the Line in the Sand
Several technical‑analysis pieces published in the last 48 hours converge on similar themes:
- Support zone:
- The $160–$165 range is widely viewed as key support. MarketBeat stresses that bulls “successfully defended” this level in late November, keeping the multi‑month uptrend intact. [36]
- Independent technical sites cited in TS2’s December 2 report see support near $165.40 and call for upside toward the mid‑$170s as long as that holds. TS2 Tech
- Resistance and range:
- Near‑term resistance is clustered around $175–$180, an area where the stock has previously stalled. [37]
- Indicators:
- MarketBeat notes RSI turning higher and MACD nearing a bullish crossover, consistent with a momentum recovery after November’s sell‑off. [38]
- StockScan’s oscillator suite shows a mixed but leaning‑bullish setup: MACD indicates “Buy” while several oscillators sit in neutral, yielding an overall “Neutral” technical rating at current prices. [39]
Bottom line technically:
- Above $160–$165, the uptrend remains intact and pullbacks are being bought.
- A decisive break below that band would raise the risk of a deeper correction, especially with macro and smartphone headwinds still present.
10. Other Notable News Around December 3, 2025
Alongside the big themes, several smaller but notable headlines round out today’s Qualcomm news flow:
- Ex‑Dividend Coverage: Multiple financial portals and broker platforms are flagging QCOM’s ex‑dividend date on December 4, reminding income investors that shares must be owned before then to receive the $0.89 payout. [40]
- Form 8.3 Filing in London: The London Stock Exchange has posted a Form 8.3 disclosure for Qualcomm, summarizing interests, short positions and stock‑settled derivatives under UK takeover rules—a sign that European regulatory watchers are paying close attention to positions in the stock, likely in connection with Qualcomm’s Alphawave transaction and other strategic moves. [41]
- Competitive Landscape:
- Fitch recently downgraded Intel’s credit rating and cited rising PC competition from Qualcomm and AMD, underscoring how seriously the market is taking Qualcomm’s push into AI PCs. [42]
- Qualcomm announced it will establish an AI Engineering Center with HUMAIN in Saudi Arabia, further solidifying its presence in global AI infrastructure. [43]
11. Key Risks Investors Are Watching
Recent research and news coverage highlight several risk factors that remain front‑of‑mind despite today’s bullish price action:
- Smartphone Dependence & Customer Concentration
- Handsets are still Qualcomm’s largest revenue driver, and major customers like Apple, Samsung and Xiaomi each contribute more than 10% of sales.
- Apple continues to develop in‑house modems, and Samsung is shifting some Galaxy models back to its own silicon, potentially pressuring Qualcomm’s modem business over time. TS2 Tech
- AI Data‑Center Competition
- Moving into AI inference hardware pits Qualcomm directly against Nvidia, AMD and Intel, all of which have deep customer relationships and software ecosystems.
- Analysts warn that Qualcomm must secure real‑world deployments for AI200/AI250 to justify the narrative and investment. TS2 Tech+1
- Regulatory and Legal Overhang
- A £480 million UK class action focused on historic smartphone royalty practices is currently at trial, and while the market seems to view it as manageable, an adverse ruling could set precedent for further regulatory pressure. TS2 Tech
- Cyclical Macro & Handset Demand
- Industry forecasts suggest that rising memory prices and high‑end device costs could weigh on global smartphone unit growth in 2026, even as premium tiers expand. TS2 Tech
- M&A and Integration Risk
- The Alphawave acquisition and the purchase of Arduino broaden Qualcomm’s reach into data‑center connectivity and industrial IoT, but also bring execution and integration risk, especially if macro conditions worsen. TS2 Tech+1
12. Bottom Line: How Qualcomm Stock Looks on December 3, 2025
Putting the day’s news, forecasts and analysis together:
- Fundamentals:
- QCOM just delivered record QCT revenue, double‑digit non‑GAAP EPS growth, and record free cash flow, while clearly diversifying into automotive, IoT, AI PCs and AI data centers. [44]
- Valuation:
- On GAAP numbers, the P/E looks elevated (mid‑30s) due to the tax charge. On non‑GAAP and forward earnings, multiple sources put Qualcomm closer to the mid‑teens P/E range, cheaper than many high‑profile AI peers. [45]
- Income & Capital Returns:
- A 2%+ dividend yield, 20‑year dividend growth streak and large‑scale buybacks make QCOM attractive to investors who want AI exposure without giving up income. [46]
- Sentiment:
- Human analysts mostly rate the stock “Buy” / “Moderate Buy” with single‑digit to low‑double‑digit upside,
- Hedge‑fund activity (notably David Tepper’s big add) and today’s surge in call‑option volume underscore growing bullish interest,
- But quant models like CoinCodex remain skeptical for the long term, projecting lower prices over a multi‑year horizon. [47]
For investors and traders following Qualcomm today, the story is that of a maturing mobile leader trying to reinvent itself as an AI infrastructure and edge‑computing powerhouse—with credible financial results, a solid balance sheet and shareholder returns to match, but also real competitive and legal risks that shouldn’t be ignored.
Important note
This article is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy, sell or hold any securities. Always consider your own objectives, risk tolerance and consult a qualified financial advisor before making investment decisions.
References
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