New York, Jan 9, 2026, 18:53 EST — After-hours
- QCOM fell 2.25% to close at $177.78 following a downgrade and lower price target from Mizuho
- Mizuho highlighted weak handset demand and Apple losing modem market share as immediate challenges
- Volkswagen’s 2027 software platform launch puts Qualcomm’s automotive ambitions back in the spotlight
QUALCOMM Incorporated shares dropped 2.25% to $177.78 on Friday, following Mizuho’s downgrade and a price target cut to $175 from $200. The stock fluctuated between $174.89 and $182.20 during the day.
The call is gaining weight as the market shifts to viewing Qualcomm like a phone stock again. Mizuho analyst Vijay Rakesh downgraded QCOM to Neutral, citing handset headwinds and a loss of Apple share. He pointed out that handsets make up more than 70% of Qualcomm’s chip revenue. (A “price target” reflects where a broker predicts a stock might trade in the coming year.) Investing.com
The debate has intensified this week as Qualcomm pushes its growth beyond phones. On Thursday, Volkswagen announced plans for a long-term supply deal with Qualcomm for high-performance “system-on-chips” — processors that integrate essential computing functions — to power infotainment in a new software platform launching in 2027. Volkswagen said the platform, developed alongside Rivian, targets “software-defined vehicles” controlled by central computers and extensive software. Reuters
Friday’s action unfolded amid ongoing macro uncertainty rattling rate-sensitive tech stocks. Investors worldwide are parsing fresh U.S. labor figures and await a potential Supreme Court decision on tariffs linked to President Donald Trump, Reuters reported.
Qualcomm fell behind some chipmakers even as the overall market advanced. Its shares closed about 13.7% below their 52-week peak of $205.95, reached on Oct. 27, MarketWatch said. Broadcom climbed 3.76% Friday, Nvidia dipped 0.10%, and Intel surged 10.80%, per the report.
Qualcomm’s fiscal first-quarter earnings call is set for Feb. 4. Investors will zero in on management’s take on handset demand, iPhone modem content, and if growth in autos and IoT can offset any weakness in the core phone segment.
But the downgrade trade can swing both ways. If smartphone demand steadies or Apple’s modem losses come in slower than expected, Qualcomm might start to look cheap compared to long-term auto wins like Volkswagen’s. That could force analysts to rethink just how much Apple risk is already priced in.
For now, the key date is Feb. 4, when guidance—not the earnings report itself—is expected to drive sentiment into the following session and beyond.
