TLDR
- Qualcomm (QCOM) stock fell 7% Monday, trading as low as $186.71 after closing the prior session at $201.97.
- CEO Cristiano Amon sold roughly $4 million worth of QCOM stock across two trades under a pre-arranged 10b5-1 plan.
- Talks with Samsung over 2nm chip manufacturing remain stuck on pricing, pushing a possible deal into 2027.
- Chip stocks broadly sold off as the 10-year Treasury yield climbed above 5.2%.
- Q3 revenue beat estimates at $9.95 billion, but EPS of $2.21 missed the $2.23 consensus.
Qualcomm (QCOM) stock fell 7% on Monday, trading as low as $186.71 before settling near $187.48. That’s a sharp reversal from the prior close of $201.97.
The drop followed news that CEO Cristiano Amon sold a combined 20,000 units of QCOM stock over two separate trades last week. The sales totaled close to $4 million and were made under a pre-arranged Rule 10b5-1 plan.
Amon sold 10,000 units at $200.00 on September 25 and another 10,000 at $195.00 on September 21. He still directly holds 177,568 units of Qualcomm stock, worth roughly $35.5 million.
The insider selling landed alongside separate pressure across the chip sector. Qualcomm, Arm and Marvell all slid as investors trimmed semiconductor positions.
Rising bond yields piled on. The 10-year Treasury yield climbed to 5.218% as oil prices rose and markets priced in further Fed tightening, dragging tech and chip names lower across the board.
Samsung Talks Stall on 2nm Pricing
Qualcomm’s discussions with Samsung over 2nm chip manufacturing remain stuck on pricing and yield issues, according to TrendForce and Digitimes. Qualcomm’s already announced 2nm products remain slated for TSMC, and a Samsung deal could now stretch into 2027.
That timeline pushed back some of the optimism that had built up in prior sessions. The stock had rallied earlier on hopes for expanded manufacturing options beyond TSMC.
Earnings and Analyst Views
Qualcomm’s most recent quarterly report, released July 29, showed earnings per share of $2.21, missing the $2.23 estimate. Revenue came in at $9.95 billion, above the $9.69 billion analysts expected.
Revenue still fell 4% from the same quarter a year earlier. Qualcomm guided for fourth-quarter EPS between $2.05 and $2.25.
Wall Street currently holds a consensus “Hold” rating on QCOM. The average price target sits at $204.10, per MarketBeat data.
Recent analyst calls have been mixed. Raymond James started coverage with a “strong-buy” rating, while Barclays kept an “underweight” view and JPMorgan raised its price target to $265 while staying “neutral.”
Qualcomm also declared a quarterly dividend of $0.92 per unit, paid September 24 to investors of record as of September 3. That works out to a 2% annualized yield.
The company has kept pushing into automotive, IoT, AI and robotics to cut its reliance on smartphone chips. Automotive revenue grew 61% in recent reporting, and Qualcomm has set a $40 billion target for non-handset revenue.
Qualcomm also agreed to acquire robotics-software firm Picknik, though deal terms weren’t disclosed. The move adds to its push into automation.
Qualcomm renewed its global patent-license agreement with Apple earlier this month. That deal takes effect April 1, 2027, and drove a 6% gain for the stock three days before Monday’s drop.
Qualcomm stock is up 10% since the start of the year but remains 24% below its 52-week high of $251.02, set in May. Institutional investors, including BlackRock and Bank of New York Mellon, added new positions in the second quarter, and institutions now own roughly 74% of the stock.
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