NEW YORK, January 11, 2026, 16:18 EST — The market has closed.
- On Friday, Qualcomm closed at $177.78, slipping 2.3%
- Mizuho lowered its outlook and sliced its price target, citing challenges in handset demand and risks tied to Apple’s modem plans
- The next major events to watch are the U.S. CPI report on Jan. 13 and Qualcomm’s earnings call on Feb. 4
QUALCOMM Incorporated shares dropped 2.3% to $177.78 on Friday following a downgrade from Mizuho, which pointed to rising challenges in the smartphone sector and doubts about iPhone modem content. With U.S. markets closed Sunday, this rating cut could weigh on trading when markets reopen.
Mizuho’s Vijay Rakesh cut Qualcomm to Hold from Buy, trimming his price target to $175, which he views as fair value. Handsets account for over 70% of revenue at Qualcomm’s QCT chip segment, he noted, expecting global handset shipments to decline between 0% and 2% in 2026. He also flagged a $2 billion to $3 billion revenue hit from weaker iPhone demand and Apple making more of its own modems. “For QCOM, we believe the lower exposure to market leader Apple remains a key headwind for 2026E and beyond,” Rakesh wrote. 1
This matters because the market sees “phone” as its own, more volatile segment within semiconductors. Qualcomm has ramped up efforts in autos and connected devices, yet handset figures still dominate—and Apple remains the key driver in the equation.
Qualcomm came under pressure even as chip shares boosted Wall Street on Friday, with the Philadelphia SE Semiconductor index climbing 2.7% to hit a record close, according to Reuters. “Investors are getting granular and picking the winners and losers,” said Zachary Hill, head of portfolio management at Horizon Investments. 2
Macro data might either stoke or dampen market moves. The U.S. consumer price index for December hits Tuesday at 8:30 a.m. Eastern, with producer prices lined up later in the week, per the Labor Department’s schedule. 3
Everything hinges on rates. The Federal Reserve is set to meet on Jan. 27-28, with Chair Powell holding a press conference the following day, Jan. 28, according to the Fed’s official calendar. 4
Qualcomm’s upcoming hurdle: earnings. The chipmaker plans to release its fiscal first-quarter results and hold a conference call on Feb. 4 at 1:45 p.m. Pacific, per its investor events page. 5
The downgrade thesis works both ways. A steadier handset market, slower Apple modem rollout, or stronger design wins beyond phones could ease the blow. Yet, a sharper fall in iPhone sales would push the impact in the opposite direction.
Trading restarts Monday, with eyes on whether Qualcomm extends Friday’s drop and continues to trail the wider chip sector. Key upcoming events: Tuesday’s U.S. CPI release and Qualcomm’s earnings call on Feb. 4.
