Qualcomm Incorporated (NASDAQ: QCOM) heads into the next session with a fresh corporate catalyst in hand and a market that’s suddenly paying closer attention to “AI infrastructure” narratives beyond the usual mega-cap names.
After Thursday’s closing bell (Dec. 18, 2025), Qualcomm shares were little changed in after-hours trading following a regular-session gain of 1.07% to $174.19. [1]
That modest day move, however, masks a larger story investors are likely to debate into Friday’s opening bell: Qualcomm has now officially completed its acquisition of Alphawave Semi, positioning the company to pitch itself more aggressively as a data center + AI connectivity platform—not just a handset chip and licensing powerhouse. [2]
Below is what mattered after the bell Thursday and what to keep on your radar before the U.S. stock market opens Friday, Dec. 19, 2025.
What moved Qualcomm stock today
1) Qualcomm completed the Alphawave Semi acquisition—ahead of schedule
Qualcomm announced Thursday that it has completed its acquisition of Alphawave IP Group plc (“Alphawave Semi”), about one quarter ahead of schedule, and that Tony Pialis (Alphawave Semi CEO and co-founder) will lead Qualcomm’s data center business. [3]
In its deal messaging, Qualcomm is emphasizing that Alphawave Semi’s high-speed wired connectivity and chiplet/custom silicon capabilities complement Qualcomm’s Oryon CPU and Hexagon NPU—language clearly aimed at investors who want a credible “next leg” beyond smartphones. [4]
Why this mattered for Thursday’s tape: Qualcomm’s stock rebounded after a two-day losing streak, though it still underperformed some key semi peers on the day. Nvidia rose 1.87% and Broadcom gained 1.18% while Qualcomm ended up 1.07%, per MarketWatch’s end-of-day data recap. [5]
The Alphawave Semi deal: the key details investors are parsing tonight
The acquisition wasn’t just a headline—it came with mechanics that matter for anyone thinking about dilution, integration risk, and how quickly Qualcomm can translate the purchase into revenue.
Deal terms and timetable (what was confirmed Thursday)
Reporting tied to the company announcement indicated:
- The deal was implemented through Qualcomm’s indirect subsidiary Aqua Acquisition Sub LLC (Bidco), which now owns Alphawave. [6]
- Alphawave shareholders were entitled to $2.48 per share in cash, unless they elected alternative consideration by a December deadline. [7]
- Trading in Alphawave shares on the London Stock Exchange was suspended Thursday morning, with full delisting expected Friday morning. [8]
- The UK court sanctioned the scheme on Dec. 16, after shareholder approval earlier in the process. [9]
Qualcomm’s “AI data center” framing
Qualcomm’s own press release leans heavily into data center positioning: it explicitly calls out Alphawave Semi’s high-speed wired connectivity and says the combination creates “a leading player in AI compute and connectivity solutions” across growth areas including data center. [10]
That’s a strategic shift worth watching because it suggests Qualcomm wants the market to value it more like an “AI infrastructure enabler,” not a handset-cycle proxy.
A late-day headline that traders will notice: the COO’s Form 144 filing
Separate from the acquisition story, Refinitiv reported Thursday that Qualcomm COO Akash Palkhiwala filed a Form 144 proposing the sale of 12,538 shares, with the filing noting it was pursuant to a prearranged Rule 10b5-1 trading plan. [11]
For most long-term investors, a planned sale of this size is typically read as routine (especially under a 10b5-1 plan). But for short-term traders, insider-sale headlines can still influence sentiment around the open—particularly on an options-heavy Friday (more on that below).
Don’t overlook this: Qualcomm’s dividend is payable today
Qualcomm previously declared a quarterly cash dividend of $0.89 per share, payable on Dec. 18, 2025, to shareholders of record as of Dec. 4, 2025. [12]
The payment itself isn’t usually a price-moving event (the market typically prices dividends around the ex-dividend date), but it does matter for:
- Income-focused holders tracking total return
- Any investor reconciling cash flows and reinvestment timing before year-end
After-hours snapshot: where QCOM stands right now
Here are the key end-of-day markers investors are using as reference points tonight:
- Close (Dec. 18): $174.19 (+1.07%) [13]
- After-hours (shortly after the close): essentially flat versus the close [14]
- Thursday range: roughly $173.52–$177.08 [15]
- 52-week context: Qualcomm remains about 15% below its 52-week high of $205.95 (set Oct. 27). [16]
From a technical posture, one widely used market data set listed Qualcomm’s 50-day moving average around $171.45 and its 200-day moving average around $158.38, with an RSI in the low-50s—i.e., not screaming “overbought,” but also not deeply washed out. [17]
Forecasts and analyst positioning: what the Street expects next
Even though Thursday’s move was relatively modest, forecasts matter because they frame how investors decide whether the Alphawave deal is “strategic” or “strategic and accretive.”
Consensus rating and price targets
One widely followed consensus snapshot shows:
- Overall consensus: Buy
- Average 12-month target:$192.40
- Targets range from $157 (low) to $225 (high) [18]
With QCOM closing near $174, that average target implies low double-digit upside—but also suggests analysts are not uniformly bullish (there are many “Hold” ratings in the mix). [19]
Near-term earnings expectations
A same-day market recap published Thursday evening (Dec. 18) cited expectations for:
- Next-quarter EPS around $3.38
- Next-quarter revenue around $12.25 billion
- Full-year earnings around $12.15 per share and revenue around $45.69 billion [20]
Investors will compare that with Qualcomm’s most recent official guidance. In its last earnings update (Nov. 5, 2025), Qualcomm forecast fiscal first-quarter revenue above estimates and guided to an adjusted profit midpoint around $3.40 per share. [21]
What to watch: whether analysts begin nudging forecasts upward as they get more clarity on how quickly Alphawave Semi can translate into design wins and revenue in data center connectivity.
What to watch before the market opens tomorrow (Friday, Dec. 19, 2025)
1) “Quadruple witching” dynamics could amplify volatility
Friday is the third Friday of December, which typically coincides with a major options/futures expiration period often referred to as quadruple witching—a setup known for occasional volume spikes and price turbulence, especially late in the session. [22]
Even if Qualcomm has no fresh company-specific news overnight, options-related hedging flows can exaggerate moves in heavily traded large-cap names.
2) Macro calendar: housing + sentiment data can move yields and tech multiples
A widely circulated economic release schedule lists U.S. Existing Home Sales (Nov) at 10:00 a.m. ET and University of Michigan Consumer Sentiment (Dec final) at 10:00 a.m. ET on Friday. [23]
MarketWatch’s calendar also flags the Philadelphia Fed manufacturing survey and a media appearance by New York Fed President John Williams. [24]
Why Qualcomm investors should care: semiconductors often trade as a “long-duration” growth group, meaning rate expectations and bond yields can influence valuations quickly.
3) The “risk-on” tailwind from today’s inflation surprise
Thursday’s broader market tone was helped by fresh inflation data. Reuters reported U.S. consumer prices rose less than expected in November, with the CPI 2.7% year-on-year (below forecasts), contributing to rising expectations for a potential Fed cut in early 2026. [25]
If bond yields continue falling into Friday, that can support tech and semiconductor multiples—potentially giving QCOM a friendlier setup at the open.
4) Watch for integration breadcrumbs (and how Qualcomm frames “data center”)
The Alphawave Semi acquisition is now closed. The next question is: how quickly does Qualcomm translate the acquisition into tangible milestones investors can track?
In the near term, that usually means listening for:
- customer announcements / design wins
- roadmap language around chiplets and connectivity
- changes in segment reporting or commentary on “data center” revenue contribution
Qualcomm’s own announcement already set the tone by explicitly tying Alphawave Semi to Oryon CPU and Hexagon NPU in “next-generation AI data centers.” [26]
The bottom line for QCOM heading into Friday
As of Thursday’s close, Qualcomm stock is higher on the day, flat after hours, and back in “catalyst mode” thanks to a major acquisition that management is clearly positioning as an AI data center expansion play. [27]
For Friday morning, the practical checklist is simple:
- Does the market reward the Alphawave narrative with a follow-through move—or treat it as fully priced in?
- Do options-expiration flows distort the open? [28]
- Do macro releases and Fed commentary push yields enough to swing semis? [29]
- Does the insider-sale filing create noise, or fade quickly as a routine 10b5-1 item? [30]
References
1. www.marketwatch.com, 2. www.businesswire.com, 3. www.businesswire.com, 4. www.businesswire.com, 5. www.marketwatch.com, 6. www.investing.com, 7. www.investing.com, 8. www.investing.com, 9. www.investing.com, 10. www.businesswire.com, 11. www.tradingview.com, 12. investor.qualcomm.com, 13. www.marketwatch.com, 14. finance.yahoo.com, 15. finance.yahoo.com, 16. www.marketwatch.com, 17. stockanalysis.com, 18. www.investing.com, 19. www.investing.com, 20. finviz.com, 21. www.reuters.com, 22. www.investopedia.com, 23. www.scotiabank.com, 24. www.marketwatch.com, 25. www.reuters.com, 26. www.businesswire.com, 27. www.marketwatch.com, 28. www.investopedia.com, 29. www.scotiabank.com, 30. www.tradingview.com
