QUALCOMM Incorporated (NASDAQ: QCOM) is back in the spotlight on December 17, 2025, as investors weigh a fresh wave of deal-related updates, smartphone chipset momentum, and a busy set of analyst forecasts heading into 2026.
In late-afternoon trading, QCOM stock was at $172.65, down 1.97% on the session, after moving between $172.48 and $177.48.
Below is a complete round-up of the most relevant Qualcomm stock news, forecasts, and analyst commentary circulating today—plus what investors are watching next.
What’s moving Qualcomm stock on December 17, 2025?
1) Alphawave acquisition: UK court approval puts closing days away
One of the biggest near-term catalysts is Qualcomm’s pending acquisition of Alphawave IP Group. A UK High Court has sanctioned the scheme of arrangement for Qualcomm’s Alphawave purchase, with the transaction expected to become effective on December 18, 2025, when the court order is delivered to the Registrar of Companies. [1]
Key timeline details that matter for deal-watchers:
- Last day for dealings in Alphawave shares:December 17, 2025 [2]
- Expected suspension of Alphawave trading:7:30 a.m. on December 18 [3]
- Expected cancellation of Alphawave’s listing:December 19, 2025 [4]
This “closing window” matters for QCOM stock because it reduces uncertainty: markets typically prefer a deal to move from announced to completed, especially when the acquisition is tied to a strategic push—in this case, data center connectivity IP.
For context, Reuters reported earlier in 2025 that Qualcomm agreed to acquire Alphawave for about $2.4 billion, positioning it as a step to expand Qualcomm’s presence in data centers and reduce reliance on smartphones over time. [5]
2) UK Takeover Code disclosures hit the tape (Form 8.5)
Another deal-adjacent data point appearing today is UK Takeover Code disclosure activity. A Form 8.5 filing connected to the Qualcomm/Alphawave transaction was published, showing positions and dealings by Goldman Sachs & Co. LLC related to the offer structure involving Aqua Acquisition Sub LLC (Qualcomm’s indirect subsidiary tied to the transaction). [6]
These disclosures typically don’t change Qualcomm’s fundamentals—but they are a sign the transaction is deep in “finalization mode,” which can raise investor attention around timing, integration expectations, and strategic rationale.
3) Smartphone catalyst: Snapdragon 8 Gen 5 lands in a high-profile launch
On the product side, Snapdragon 8 Gen 5 continues to show up in new flagship-tier devices—important because Qualcomm’s recent commentary has emphasized premium Android demand and rising content per device.
A widely read example today: The Verge’s review of the OnePlus 15R notes it uses Qualcomm’s Snapdragon 8 Gen 5 chipset and highlights strong performance positioning for the device. [7]
For Qualcomm stock, smartphone launches like this are not just marketing moments—they are demand signals. They also help shape investor expectations for:
- premium Android upgrade cycles,
- Snapdragon share vs competitors,
- and the durability of handset revenue while Qualcomm ramps newer growth pillars.
4) The stock’s shorter-term pullback is part of the narrative
Even as Qualcomm continues to post strong operational updates, the stock has experienced volatility. MarketWatch reported that QCOM fell 1.75% on Dec. 16 to $176.12, leaving it 14.48% below its 52-week high of $205.95 (set Oct. 27) and highlighting lighter-than-average trading volume that day. [8]
As of today’s price ($172.65), QCOM is roughly 16% below that ~$206 peak, reinforcing the idea that investors are actively repricing the stock around execution questions (data center timing, Apple exposure, competition), not just recent earnings strength. [9]
Qualcomm’s fundamentals: what the latest results and guidance say
While today’s headlines lean toward deal mechanics and product cadence, Qualcomm’s most recent reported performance is still a key anchor for valuation debates around QCOM stock.
From Qualcomm’s FY2025 Q4 earnings materials, the company highlighted:
- Revenue up 10% YoY to $11.3B
- Non-GAAP EPS up 12% YoY to $3.00
- QCT revenue up 13% YoY to $9.8B
- QCT Automotive revenue surpassing $1B for the quarter (+17% YoY)
- QCT IoT revenue at $1.8B (+7% YoY) [10]
In the earnings-call transcript coverage, Qualcomm also provided forward-looking guidance and strategic framing. The company’s outlook for Q1 fiscal 2026 included:
- Revenue guidance: $11.8B to $12.6B
- Non-GAAP EPS guidance: $3.30 to $3.50 [11]
Importantly for the “next leg” growth story, Qualcomm’s management has repeatedly tied long-term targets to diversification—especially automotive, IoT, and data center. The same transcript coverage points to Qualcomm’s ambition to reach $22B in automotive + IoT revenue by 2029, and suggests data center revenue could become more meaningful as the roadmap matures. [12]
Data center: why investors keep coming back to the AI narrative
Qualcomm’s push into data center AI has become one of the most consequential “multiple expansion” debates around the stock.
Reuters reported in late October that Qualcomm unveiled AI chips called AI200 and AI250, aimed at AI inference workloads, and said they would be commercially available on a staged timeline (AI200 in 2026; AI250 in 2027). [13]
This is the backdrop for why the Alphawave acquisition is so closely watched by QCOM investors: connectivity and compute IP is a critical layer in modern data center design, and Qualcomm is explicitly trying to be more than a smartphone modem leader.
Qualcomm stock forecast: analyst ratings and price targets (as of Dec. 17, 2025)
Consensus view: “Moderate Buy,” with targets in the low $190s
A MarketBeat round-up published today says Qualcomm carries a consensus “Moderate Buy” rating among the analysts it tracks, with:
- 21 analysts covering QCOM
- 13 Buy / 7 Hold / 1 Sell
- Average 12-month price target: $192.94 [14]
Using today’s trading price ($172.65), that consensus target implies roughly ~11.8% upside (before dividends). [15]
Valuation-style analysis: “fair value” models cluster near ~$190
A separate valuation-oriented analysis published Dec. 16 by Simply Wall St also clusters around the same neighborhood, citing a narrative fair value of $191.80 based on its methodology and assumptions. [16]
When different approaches (sell-side targets vs valuation narratives) converge around a similar level, investors usually interpret it one of two ways:
- The market is underpricing execution (bullish interpretation), or
- The market is correctly discounting risk and those targets assume smoother growth than reality (bearish interpretation).
Dividend update: Qualcomm’s next payment is due December 18
Income-focused investors are also paying attention to Qualcomm’s dividend calendar.
Qualcomm announced a quarterly cash dividend of $0.89 per share, payable December 18, 2025, to shareholders of record as of December 4, 2025. [17]
Important practical note: because the record date has already passed, buying QCOM today typically would not qualify a new shareholder for the imminent Dec. 18 payment. (The dividend is still relevant for total return framing and longer-term payout expectations.)
The biggest risk factor shadowing QCOM stock: Apple’s modem transition
No Qualcomm stock article is complete in late 2025 without addressing the Apple modem question.
Why it matters
Qualcomm has been diversifying, but Apple has historically been a major modem customer. Investor sensitivity remains high around how quickly Apple can scale in-house modems across product lines.
What’s new this week
MacRumors reported on Dec. 16 that internal Apple code references suggest:
- A future iPhone 17e may ship with Apple’s C1-series modem technology (potentially C1 or C1X), and
- Apple may still be evaluating modem configurations for future Pro models (referencing baseband choices such as C1X and C2 in the report). [18]
MacRumors also reported earlier in November that Apple’s modem rollout is part of a broader shift, while Qualcomm’s growth emphasis leans more heavily into premium Android momentum as Apple’s in-house modems expand across additional devices over time. [19]
Bottom line for QCOM stock: even with strong Android and diversification execution, the “Apple modem runway” is still a valuation swing factor—and the market tends to price this risk ahead of confirmed revenue changes.
What investors are watching next for Qualcomm stock
Here are the most likely near-term catalysts and checkpoints for QCOM shares coming out of Dec. 17:
- Alphawave closing confirmation (expected Dec. 18)
Investors will watch for final effectiveness and any early read-through on integration priorities. [20] - Data center strategy detail (2026 visibility)
Qualcomm has been positioning AI inference silicon and systems as a meaningful expansion lane, supported by its AI200/AI250 roadmap narrative. [21] - Snapdragon flagship cycle traction
High-profile launches (like devices built on Snapdragon 8 Gen 5) will feed ongoing debate about premium Android demand and Qualcomm’s content-per-device strategy. [22] - Apple modem progress and supply expectations
Any credible datapoint—official or supply-chain corroborated—can move sentiment quickly due to the revenue concentration history. [23] - Dividend and capital return durability
Qualcomm’s dividend remains part of the “shareholder return” story, especially if the stock stays range-bound. [24]
Takeaway: Qualcomm stock sits at the intersection of “closing a deal” and “proving the next growth engine”
As of December 17, 2025, Qualcomm stock is navigating a classic transition narrative:
- Near-term: finalize Alphawave and keep premium Android momentum visible. [25]
- Medium-term: convert data center ambition into measurable revenue milestones. [26]
- Ongoing: manage investor expectations around Apple modem displacement risk, while using diversification (automotive + IoT + PCs + data center) to widen the story beyond handsets. [27]
Meanwhile, the analyst consensus price target around ~$193 suggests Wall Street sees a path to upside from current levels—if execution holds and the next set of catalysts supports the diversification thesis. [28]
References
1. www.investing.com, 2. www.investing.com, 3. www.investing.com, 4. www.investing.com, 5. www.reuters.com, 6. www.tradingview.com, 7. www.theverge.com, 8. www.marketwatch.com, 9. www.marketwatch.com, 10. s204.q4cdn.com, 11. ca.investing.com, 12. ca.investing.com, 13. www.reuters.com, 14. www.marketbeat.com, 15. www.marketbeat.com, 16. simplywall.st, 17. investor.qualcomm.com, 18. www.macrumors.com, 19. www.macrumors.com, 20. www.investing.com, 21. www.reuters.com, 22. www.theverge.com, 23. www.macrumors.com, 24. investor.qualcomm.com, 25. www.investing.com, 26. www.reuters.com, 27. www.macrumors.com, 28. www.marketbeat.com
