New York, January 10, 2026, 16:59 EST — Market closed
- Qualcomm shares fell about 2.3% on Friday after Mizuho cut its rating and price target
- The broker pointed to handset pressure and a shrinking Apple modem footprint
- Next up: U.S. inflation data next week, then Qualcomm’s Feb. 4 earnings call
Qualcomm shares slid on Friday after Mizuho downgraded the chip designer, keeping the focus on a familiar worry: how fast Apple can replace Qualcomm modem chips in iPhones.
The move matters because it lands in a week where Qualcomm tried to remind investors it is more than a handset story, with new PC chips and more auto ties on display around CES in Las Vegas.
It also comes as rate-sensitive tech trades face fresh tests. U.S. inflation data next week can quickly reset expectations for interest rates and the valuations investors are willing to pay.
Mizuho analyst Vijay Rakesh cut Qualcomm to Hold from Buy and lowered his price target to $175 from $200, citing handset headwinds. “For QCOM, we believe the lower exposure to market leader Apple remains a key headwind for 2026E and beyond,” Rakesh said. 1
Qualcomm’s drop came even as the broader chip group was firmer. The VanEck Semiconductor ETF rose about 2.7% on Friday, while the S&P 500’s main ETF gauge gained about 0.6%.
Among large chip names, Broadcom ended up about 3.7% and Nvidia was roughly flat. Apple shares edged higher, while Skyworks, another iPhone-exposed supplier, slipped.
On the product side, Qualcomm used CES to push its Snapdragon X2 Plus PC chip, pitching stronger on-device AI for lower-priced laptops later this year. It said the platform integrates an NPU (neural processing unit) with up to 80 TOPS, a measure of AI compute power expressed as “trillion operations per second.” 2
Autos stayed in view too. Volkswagen said it plans a long-term supply deal that would make Qualcomm the primary provider of high-performance infotainment system-on-chips for a new software platform starting in 2027. 3
Technically, Qualcomm ended Friday at $177.78, about 14% below its 52-week high of $205.95 and well above its 52-week low of $120.80, chart data showed. 4
Wall Street is still split. Based on one-year targets tracked in a separate compilation, the average price target sat near $192, with estimates spanning roughly $157 to $225. 5
But the downside case has not gone away. If iPhone modem orders fall faster than expected, or if global handset shipments weaken further, Qualcomm’s biggest revenue engine could struggle to offset gains in PCs and cars.
The next near-term swing factor is macro: the U.S. CPI report for December is due Tuesday, followed by the producer price index on Wednesday, according to the Labor Department schedule. 6
For Qualcomm itself, the next fixed date is February 4, when it is scheduled to hold its fiscal first-quarter earnings conference call at 1:45 p.m. PT. Investors will be listening for handset demand, Apple-related exposure and how quickly newer businesses can move the mix. 7
