December 22, 2025 — QUALCOMM Incorporated (NASDAQ: QCOM) stock is trading modestly higher in Monday’s session, as investors weigh a fresh batch of deal headlines and Wall Street target updates against a bigger question: can Qualcomm’s diversification story (AI data centers, AI PCs, automotive, edge) keep accelerating as smartphone growth normalizes?
Below is a detailed, publication-ready roundup of the latest QCOM stock news, forecasts, and analyses available as of 22.12.2025, with a focus on what matters most for the next 6–12 months.
QCOM stock price check: where Qualcomm shares stand on Dec. 22
Qualcomm shares were last indicated around $175 per share, with an intraday range roughly in the mid-$170s, implying a market cap near $195B.
This price zone is also close to the midpoint of Qualcomm’s recent 52‑week trading range, which Investing.com lists at roughly $120.80 to $205.95 (a reminder that QCOM has seen wide swings in 2025 on smartphones, AI, and geopolitics). [1]
The headline driving the tape: Qualcomm completes Alphawave Semi acquisition
One of the most important near-term developments for Qualcomm is the completion of its acquisition of Alphawave IP Group plc (operating as Alphawave Semi) — a deal Qualcomm says closed about one quarter ahead of schedule. Qualcomm also confirmed that Tony Pialis (Alphawave Semi CEO and co-founder) will lead Qualcomm’s data center business. [2]
Why this matters for QCOM stock
Alphawave Semi is best known for high-speed wired connectivity IP and silicon, which becomes increasingly strategic as computing shifts toward chiplets, advanced packaging, and high-bandwidth interconnects inside AI servers. Analysts and industry coverage have framed this deal as a direct accelerator for Qualcomm’s push into data center compute + connectivity, complementing Qualcomm’s CPU/NPU ambitions. [3]
The UK court process is now in the rear-view mirror
The acquisition was executed via a UK scheme process. Alphawave announcements show the scheme of arrangement was sanctioned by the Court (Dec. 16) and subsequently became Effective after the Court order was delivered to the registrar. [4]
Investor takeaway: For QCOM shareholders, the immediate question shifts from “Will it close?” to “How quickly can Qualcomm productize Alphawave’s connectivity assets into a credible hyperscaler roadmap?”
Qualcomm’s data center pivot: from “optional” to “strategic”
Qualcomm’s 2025 narrative has increasingly centered on expanding beyond handsets. In late October, Reuters highlighted Qualcomm unveiling new AI chips for data centers as part of its diversification push, with shares reacting strongly at the time. [5]
And in Qualcomm’s most recent earnings cycle, Reuters reported management discussing talks with a large AI computing company and using “hyperscaler” terminology — language that signals Qualcomm is actively chasing large-scale data center wins rather than treating servers as a long-dated R&D bet. [6]
How Alphawave fits: If Qualcomm wants to sell credible data center silicon, it must offer not only compute, but also the connectivity plumbing (SerDes, controllers, chiplet interconnect) that hyperscalers care about. This is precisely the capability Alphawave is known for. [7]
Earnings and guidance: smartphone recovery helps, but Samsung mix is a watch item
Qualcomm’s latest reported quarter (fiscal Q4 ended Sept. 28, 2025) beat market expectations, with Reuters reporting sales of $11.27B and adjusted profit of $3.00 per share. [8]
For the fiscal first quarter ending in December, Qualcomm guided to a midpoint of about $12.2B in sales and about $3.40 per share in adjusted profit — above consensus estimates cited by Reuters at the time. [9]
The Samsung factor
A notable detail for investors: Reuters also reported Qualcomm’s CEO signaling the company is planning for a lower share (about 75%) of modem supply in Samsung’s next-generation Galaxy lineup (referred to as Galaxy S26), after Qualcomm supplied 100% of modems for Samsung’s most recent flagship models. [10]
Investor takeaway: Even when Qualcomm “wins” at a major OEM, the long-term earnings model still depends on product mix and share retention. That’s why diversification into PCs, automotive, and data center matters for QCOM’s multiple.
AI PCs: Qualcomm’s Windows push continues to expand
Qualcomm has spent 2025 pushing hard into Windows laptops, and mainstream OEM adoption remains a key swing factor for QCOM stock.
Reuters reported Microsoft launched lower-priced Surface devices using Qualcomm Snapdragon X Plus chips in 2025, explicitly positioning them to broaden access to Copilot+ features. [11]
On the roadmap side, industry analysis has emphasized Qualcomm’s next-generation PC silicon. A Futurum Group analysis described Qualcomm unveiling Snapdragon X2 Elite variants for Windows PCs and targeting device availability in H1 FY 2026, with a strong emphasis on on-device AI performance. [12]
Investor takeaway: The AI PC market is still early, but Qualcomm’s strategy is clear: win premium thin-and-light designs with high efficiency, then broaden down-market over time.
Handsets still matter: Snapdragon momentum meets 2026 smartphone headwinds
Smartphones remain central to Qualcomm’s revenue, and handset cycles still influence QCOM’s quarterly rhythm.
On the product side, Qualcomm continues to refresh its Snapdragon portfolio. For example, recent reporting highlighted the OnePlus 15R launching as the first Android phone to feature Qualcomm’s Snapdragon 8 Gen 5 (non‑Elite variant), with release timing set for January 2026. [13]
But the macro backdrop may get harder in 2026. Reuters reported Counterpoint forecasting global smartphone shipments could decline by 2.1% in 2026, with rising chip costs and supply chain constraints affecting especially the sub-$200 segment. [14]
Investor takeaway: Qualcomm can still grow in handsets via premium mix and share gains, but unit headwinds in 2026 could increase the burden on PCs, automotive, and data center to carry incremental growth.
Automotive: CES 2026 spotlights Snapdragon Cockpit Elite
Qualcomm’s automotive presence is increasingly about compute platforms (cockpit, connectivity, ADAS) rather than just modems.
LG Electronics said it plans to unveil an AI Cabin Platform at CES 2026 (Jan. 6–9 in Las Vegas) powered by Qualcomm Snapdragon Cockpit Elite, emphasizing generative AI features for in-vehicle experiences. [15]
Investor takeaway: Automotive tends to be longer-cycle than phones. The significance for QCOM stock is less “CES hype” and more confirmation that Snapdragon is being designed into next-gen vehicle platforms with multi-year production ramps.
Analyst forecasts for Qualcomm stock: targets cluster above current levels
Consensus Wall Street expectations still lean constructive, based on aggregated analyst targets:
- Investing.com shows 25 analysts with an average 12‑month price target around $192.40, with a high target near $225 and a low around $157. [16]
- The same source labels the overall consensus rating as “Buy.” [17]
Notable recent target changes and stances
Several banks adjusted targets after Qualcomm’s recent earnings cycle:
- BofA Securities raised its price target to $215 from $200 and reiterated a Buy rating (Nov. 6). [18]
- Piper Sandler raised its price target to $200 from $175 and kept an Overweight/Buy stance (Nov. 6). [19]
- Baird lowered its target to $200 from $216 while maintaining an Outperform rating (Nov. 6). [20]
- JPMorgan raised its target to $210 from $200 and kept an Overweight rating (Nov. 4). [21]
How to read this mix: Even bullish firms are distinguishing between (1) near-term handset volatility and (2) the longer-term upside from data center and AI compute. That tension is a big reason QCOM’s valuation debates remain active.
The big strategic risk: Apple’s modem shift and customer concentration
One of the most durable debates around Qualcomm stock is how quickly Apple reduces reliance on Qualcomm modems.
Reuters has repeatedly tied QCOM share moves to this theme, noting concerns about Apple’s transition to in-house modems and how tariffs/trade policy could add uncertainty to handset demand and supply chains. [22]
Separately, Apple-focused reporting has noted Qualcomm and Apple extended a modem supply agreement through March 2027, suggesting Qualcomm still has time, but also a visible horizon investors can model against. [23]
Investor takeaway: The key question is not whether Apple eventually moves away, but whether Qualcomm can replace that profit pool with PCs, automotive, and data center revenue at comparable margins.
Another risk investors keep on the radar: China regulatory and geopolitics
In 2025, Qualcomm also faced heightened geopolitical/regulatory scrutiny. Reuters reported China opened an antitrust investigation tied to Qualcomm’s acquisition of Autotalks and related disclosure requirements. [24]
Why it matters now: Even when not generating daily headlines, regulatory overhangs can impact valuation multiples and investor positioning—especially for companies with deep China exposure in the smartphone ecosystem.
Bottom line for QCOM stock on 22.12.2025
Qualcomm stock is ending 2025 with two narratives running in parallel:
- Near-term cash engine (handsets + licensing) — showing resilience with premium smartphone recovery and solid guidance, but still exposed to customer concentration and shifting OEM dynamics. [25]
- Next growth engine (AI data center + AI PCs + automotive) — strengthened by the Alphawave Semi acquisition and a steady drumbeat of Snapdragon platform deployments, but still requiring execution proof (design wins, product readiness, and sustained demand). [26]
With the Street’s average target above today’s trading range, QCOM enters 2026 positioned as a “show-me” story: investors appear willing to pay for diversification, but they want evidence that data center and AI compute can become material revenue pillars—not just promising roadmaps. [27]
References
1. ca.investing.com, 2. investor.qualcomm.com, 3. www.itpro.com, 4. www.lse.co.uk, 5. www.reuters.com, 6. www.reuters.com, 7. www.itpro.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. futurumgroup.com, 13. www.t3.com, 14. www.reuters.com, 15. www.lg.com, 16. ca.investing.com, 17. ca.investing.com, 18. www.investing.com, 19. www.investing.com, 20. www.investing.com, 21. www.gurufocus.com, 22. www.reuters.com, 23. www.macrumors.com, 24. www.reuters.com, 25. www.reuters.com, 26. investor.qualcomm.com, 27. ca.investing.com
