Qualcomm stock slips after Daiwa downgrade as traders eye Samsung launch, memory squeeze

New York, February 12, 2026, 16:08 EST — Trading after the bell

• Qualcomm slipped 1.8% during regular trading, then barely budged in after-hours action.
• Daiwa dropped its rating on the stock to neutral, setting a price target at $140.
• Handset memory limits are on investors’ minds before Samsung’s flagship event on Feb. 25.

Qualcomm shares dropped 1.8% on Thursday, finishing near $138.5 as after-hours trading picked up following the 4 p.m. ET close. Chip stocks faltered alongside the broader market—Nasdaq shed roughly 2%. 1

Daiwa Securities cut its rating on Qualcomm, moving the stock down to neutral from outperform and putting the price target at $140, a note from MT Newswires showed. Since its last quarterly update, Qualcomm has seen several analyst ratings shift. 2

This call carries weight—the stock’s narrative has circled right back to smartphones, at least for the coming quarter. On last week’s fiscal Q1 call, CFO Akash Palkhiwala flagged “increasing demand for memory solutions in AI data centers is driving near-term uncertainty in memory supply and pricing for handset OEMs,” referring to device makers. 3

Chief executive Cristiano Amon didn’t mince words in the Q&A, calling it “100% related to memory,” his reference to DRAM supply inside phones. Qualcomm set its fiscal second-quarter revenue target at $10.2 billion to $11 billion, with adjusted earnings per share expected in the $2.45 to $2.65 range.

The stock has been under that cloud for a while. Following the earnings release, Amon told Reuters the miss was down to memory shortages squeezing smartphone buyers. Bob O’Donnell, chief analyst at TECHnalysis Research, flagged that the memory crunch could stick around “the next several quarters,” and pointed to China as a key area of pressure. 4

Investors are shrugging off the handset stumbles, zeroing in instead on whether Qualcomm’s non-phone plays can keep delivering this quarter. The chip giant has leaned into automotive and connected-device markets; data-center chips have gotten a fair share of hype, too. Still, the stock keeps reacting to whatever the latest phone supply-chain headline throws its way.

The more immediate signal lands soon: Samsung has scheduled its Galaxy Unpacked event for Feb. 25 in San Francisco. Qualcomm, which provides Snapdragon processors and modems for a swath of flagship Android devices, typically sees its order flow and product mix shift with each new phone cycle. 5

“Memory” could easily drag on longer than bulls are hoping. Should handset manufacturers keep trimming their build schedules to balance out component shortages and pricing, Qualcomm’s chip shipments might take a hit, steady end-demand or not.

Another question mark: share. Qualcomm is still locked in a battle with MediaTek in the Android arena. Apple and Samsung—two heavyweights—are both pushing ahead with their own chips, which could limit just how much of the next cycle ends up in Qualcomm’s corner.

On Friday, the focus shifts to whether the downgrade triggers further target cuts, and if chip names manage any kind of rebound after the latest broad selloff. Next up: earnings, slated for May 6. 6