QCOM

While the market rewards every AI story stock with a nosebleed multiple, four legacy tech names keep quietly writing checks to shareholders.

Micron Technology on Thursday signed long-term agreements with automotive suppliers, including chip designer Qualcomm and audio ​products maker Harman, to secure memory and ‌storage components that powers AI-enabled vehicles.

Qualcomm is reporting lower revenue and operating income growth rates, which isn't attractive on the surface. The main catalyst comes from Qualcomm's long-term plans for data centers and humanoid robots.

Shares of ON Semiconductor Corp (NASDAQ:ON) are trading 1% lower at $92.75 this afternoon, extending its stay below the $100 threshold.

Chip stocks have been setting the tone in 2026. The VanEck Semiconductor ETF (NASDAQ:SMH) is up 66.69% year to date, and the iShares Semiconductor ETF (NASDAQ:SOXX) has done even better, rising 88.78%.

I am upgrading Qualcomm (QCOM) to a buy, citing its data center pivot and accelerating automotive segment as key growth drivers. QCOM targets doubling non-handset revenue to $40B by FY29, with data center and Automotive momentum offsetting Apple modem business loss. Intrinsic value is estimated at $220 per share, making QCOM attractively valued at a 23% discount after a recent 31% share price decline.

SAN DIEGO--(BUSINESS WIRE)--Qualcomm Incorporated (NASDAQ: QCOM) today announced that it will publish the Company's financial results for its third quarter of fiscal 2026 on Wednesday, July 29, 2026, after the close of the market on the Company's Investor Relations website, at https://investor.qualcomm.com/financial-information. The earnings release will also be furnished to the Securities and Exchange Commission (SEC) on a Form 8-K, which will be available on the SEC website at http://www.sec.g.

Qualcomm (QCOM) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.

QCOM and MPWR are expanding AI-focused semiconductor portfolios as both pursue growth in data centers, servers and emerging AI markets.

Subscribers to Schaeffer's Weekend Trader options recommendation service received this QCOM commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters.