Key Takeaways

• Qualcomm shares fell 11.12% on 30 October and a further 1.64% on 2 November, closing at $162.08. ^1,2
• Qualcomm reports fiscal Q4 2026 results after the US close on 4 November, from 05:00 (GMT+8) on 5 November. ³
• Options markets priced a post-earnings move of about 9.59% in either direction, according to TipRanks. ⁴

Qualcomm stock has dropped about 12.6% in two sessions, and the company hasn’t reported a single new quarterly figure yet. Qualcomm (Nasdaq: QCOM) fell 11.12% on 30 October as chipmakers sold off after Intel’s results, then slipped another 1.64% on Monday. ^1,2 That’s a lot of marking before the exam paper has even been handed in.

As of the US close at 04:00 (GMT+8) on 3 November 2026, the QCOM stock price stood at $162.07, against a 52-week range of $121.99 to $259.92. The 12.6% figure compounds both daily moves: 0.8888 multiplied by 0.9836 leaves the QCOM share price at roughly 87.4% of its 29 October close.

That gap between the sell-off and Wednesday’s results is what this piece unpacks: why a phone-chip company was sold like an AI casualty, what Qualcomm’s own guidance had already flagged, and what it changes about the risk picture in the middle of earnings season.

Why Did Qualcomm Stock Fall?

Qualcomm stock fell about 12.6% in two sessions as chipmakers sold off after Intel blamed memory shortages for a weaker PC outlook. QCOM closed at $162.08 on 2 November, two days before its fiscal Q4 results, with options markets pricing a 9.59% move either way.

Table 1: QCOM Earnings at a Glance

Metric	Q4 FY25 Actual	Q4 FY26 Company Guidance	Q4 FY26 Consensus or Market Pricing
Revenue	$11.27B	$9.7B to $10.5B	$10.14B
Adjusted EPS	$3.00	$2.05 to $2.25	$2.16
Qualcomm CDMA Technologies (QCT) Chip Revenue	$9.8B	$8.4B to $9.0B	Not Published
Qualcomm Technology Licensing (QTL) Revenue	$1.4B	$1.2B to $1.4B	Not Published
Options-Implied Move	Not Applicable	Not Applicable	About 9.59%, Either Direction

The data for the table above is referenced from Qualcomm, ⁵ Barchart, ⁶ AlphaStreet, ⁷ and TipRanks. ⁴ Figures as of 3 November 2026.

Intel’s Memory Warning Hit Qualcomm Hardest

Friday’s damage started with someone else’s report card. Intel (Nasdaq: INTC) forecast fourth-quarter revenue below expectations and blamed memory shortages for a shrinking PC market, according to TIKR. ¹ Intel lost 28.6% that day, while Qualcomm fell 11.1% and AMD (Nasdaq: AMD) 10.9%. ⁸

Here’s the detail we’d underline: Broadcom fell 5.5%, Micron 5.3%, and Nvidia 4.2% that day, ⁸ so Qualcomm dropped about twice as far as Broadcom and more than twice as far as Micron and Nvidia, three names more tied to data centre demand. A memory warning about consumer devices appeared to hit hardest where consumer devices pay the bills.

Matt Britzman, senior equity analyst at Hargreaves Lansdown, summed up the mood as “sell first, ask questions later”, with Intel’s warning giving investors a reason to trim chip exposure across the board. ⁹

Monday brought a second push as investors rotated out of tech ahead of the US midterms: the Technology Select Sector SPDR Fund (XLK) fell 2.4% and the Nasdaq Composite closed roughly 1% lower. ¹⁰ That explains when the selling arrived. The chart shows how it played out once an early QCOM bounce ran out of road.

QCOM Stock Price Today: Lower Highs Into the Close

Monday’s last three hours looked like a staircase built the wrong way round. Between 01:00 and 04:00 (GMT+8) on 3 November, QCOM started near $164.33, about 1% below the 30 October close of $166.00, then slid to about $161.46 by 03:00, according to the TradingView chart used for this analysis.

Every rebound topped out below the one before: about $163.55 at 02:00, and only about $162.07 at the close after a session low of $161.46 (all GMT+8). The stock closed at $162.07, with the session low at $161.46 on the chart. Both moving averages sat overhead at the close, the 50-period near $179.71 and the 200-period near $175.77.

The Relative Strength Index (RSI) added a twist. In the TradingView setup used for this analysis, the 14-period RSI dipped below 30, bottoming around 30.67 (with the yellow MA line at 30.21), and finished at 30.67. Price made lower lows while RSI made higher lows, so selling pressure eased even as the price drifted. On a 1-hour chart, mind you, an RSI near 30 is less of an event than the label suggests.

TradingView’s overnight-session label showed $164.33 when the chart was captured, while Yahoo Finance later logged an overnight print of $162.07 on the Blue Ocean alternative trading system, which runs from 20:00 to 04:00 ET. Two overnight prices about $2.26 apart are a reminder of how loosely those sessions trade. The chart shows how the selling unfolded; Qualcomm’s July numbers explain why a PC warning stung a phone-chip company so badly.

Both Sides of the AI Ledger

Qualcomm’s own numbers were carrying the memory story before Intel said a word. In the quarter to 28 June 2026, handset revenue fell 20% to $5.09 billion, automotive rose 61% to $1.59 billion, and total revenue slipped 4% to $9.95 billion. ⁵ President and CEO Cristiano Amon pointed to a “challenging memory and supply environment” in that release. ⁵

The squeeze runs through Qualcomm’s customers. AI data centres have pulled memory supply their way, lifting costs for phone makers and prompting several Android brands, mainly in China, to cut production. ⁶ Apple is the second weight: management expects Apple-related revenue to roughly halve between the September and December quarters as Qualcomm’s iPhone component share shrinks. ⁶

This is the bit Friday’s selling skipped over. Qualcomm was sold alongside AI chip stocks on doubts about AI spending, yet in its reported numbers the AI boom has so far shown up mainly as a headwind: dearer memory for its phone customers and higher input costs that Qualcomm says are squeezing its own margins. ¹¹ The revenue side is still to come: Qualcomm expects non-handset growth, including data centre, to accelerate from 24% in fiscal 2026 to more than 60% in fiscal 2027. ⁵

For now, the AI boom reaches Qualcomm’s phone business as someone else’s memory bill.

What QCOM Earnings Will Test

AlphaStreet’s consensus of 26 analysts sits at $2.16 in earnings per share (EPS), down from $2.35 three months earlier. ⁷ That’s almost exactly the midpoint of Qualcomm’s $2.05 to $2.25 range, ⁵ which saves everyone some arithmetic.

Bernstein’s Stacy Rasgon, who expects revenue of $10.1 billion and EPS of $2.15, ⁴ put the pivotal question to management on the April call: “do you think handsets grow sequentially in September or not?”. ¹² July’s guidance already pointed to a small yes, roughly $5.2 billion against $5.09 billion in the June quarter; ^5,6 Wednesday’s release gives the actual answer. Here’s the checklist we’ll be reading it against:

• Handset Revenue: Guidance implies about $5.2 billion, down roughly 25% on a year earlier, after management said Chinese handset revenue likely reached a trough in the June quarter. ⁶
• December-Quarter Guidance: This is where the expected halving of Apple-related revenue between the September and December quarters shows up in full. ⁶
• Non-Handset Growth: Management guided automotive to another record quarter with growth of about 60%, ⁶ while data centre revenue from Qualcomm’s custom silicon deals is only due to start in the December quarter, so Wednesday’s guidance matters more than the reported figure here. ¹³

The read that Friday was mostly a sector move gains weight if both lines hold within Qualcomm’s ranges. It weakens if either lands below range. Either way, the reaction arrives in the next regular session.

QCOM Levels Traders Are Watching

Table 2: QCOM Reference Levels as of 05:00 (GMT+8), 3 November 2026

Label	Level	What It Marks
Upper Reference 1	$179.71	200-Period Moving Average, 1-Hour Chart
Upper Reference 2	$164.79	30 October Close
Upper Reference 3	$164.50	Afternoon Rebound High, 04:05 (GMT+8)
Near Reference	$175.77	50-Period Moving Average, 1-Hour Chart
Last Close	$162.08	2 November Close
Lower Reference	$161.46	2 November Session Low

The data for the table above is referenced from the TradingView chart used for this analysis, Yahoo Finance, ² and TIKR. ¹ Levels as of 05:00 (GMT+8) on 3 November 2026. Indicative only.

For scale, the 9.59% move options were pricing is close to six times Monday’s 1.64% decline and a little under Friday’s 11.12% drop. ⁴ That’s arithmetic about size; the options market prices how far, not which way.

What to Watch Into the Results

• US Midterm Elections, 3 November: Results arrive during the Asia session on 4 November (GMT+8); investors rotated out of tech on Monday ahead of the vote. ¹⁰
• Qualcomm Fiscal Q4 2026 Results, 4 November: Results publish after the US close, from 05:00 (GMT+8) on 5 November, with the call at 05:45 (GMT+8). ³ A pre-breakfast release for Asia, and our QCOM news page will carry the follow-up.
• US Nonfarm Payrolls, 6 November: The October jobs report lands at 21:30 (GMT+8), two days after Qualcomm’s print.

Qualcomm lost about 12.6% before reporting anything. On Wednesday it reports plenty, and the handset line and December guidance matter most, because they show whether Intel’s memory squeeze is still reaching phones.

Gap Risk and Leverage Into the Print

Results that arrive after the close create gap risk: QCOM can open the next session well away from its prior close. A Stop Loss order triggers at its level but fills at the next available price, so on a gap it can fill beyond the level set. It helps limit losses to a planned size in normal conditions; it does not guarantee that size when the market gaps.

Under FCA rules, leverage on share CFDs such as QCOM is capped at 1:5 for retail clients. At that ratio, margin is 20% of a position’s value, so a 9.59% move would equal roughly 48% of the margin posted. Leverage magnifies losses as well as gains, which is why position size relative to account equity sets how much of an account a move that size would reach.

QCOM Stock FAQ

When Does Qualcomm Report QCOM Earnings?

After the US close on 4 November 2026, so from 05:00 (GMT+8) on 5 November, with the conference call at 05:45 (GMT+8). ³

Is Qualcom Stock the Same as QCOM?

Yes. “Qualcom” is a common misspelling of Qualcomm. The QCOM ticker trades on Nasdaq, so you’ll also see it written as Nasdaq: QCOM or Nasdaq QCOM. ²

Is There a QCOM Stock Forecast Here?

No. This piece reports what markets were pricing, an options-implied move of about 9.59% in either direction, ⁴ and what analysts expect for the quarter. ⁷ Direction is the one figure nobody publishes in advance.

RISK WARNING: CFDs are complex financial instruments and carry a high risk of losing money rapidly due to leverage. You should ensure you fully understand the risks involved and carefully consider whether you can afford to take the high risk of losing your money before trading.

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References

[1] “Qualcomm Stock Fell 11% in a Day on Intel’s PC Warning. Here’s Why November 4 Tests Its Claim That Phones Have Bottomed – TIKR” https://www.tikr.com/blog/qualcomm-stock-fell-11-in-a-day-on-intels-pc-warning-heres-why-november-4-tests-its-claim-that-phones-have-bottomed Accessed on 3 November 2026.

[2] “QUALCOMM Incorporated (QCOM) Stock Price, News, Quote & History – Yahoo Finance” https://finance.yahoo.com/quote/QCOM/ Accessed on 3 November 2026.

[3] “Qualcomm Schedules Fourth Quarter and Fiscal 2026 Earnings Release and Conference Call – PR Newswire via TradingView” https://www.tradingview.com/news/prnewswire:a4bd562f9c722:0-qualcomm-schedules-fourth-quarter-and-fiscal-2026-earnings-release-and-conference-call/ Accessed on 3 November 2026.

[4] “Qualcomm Stock (QCOM) Could Move 9.59% After Q4 Earnings, Say Options Traders – TipRanks” https://www.tipranks.com/news/qualcomm-stock-qcom-could-move-9-59-after-q4-earnings-say-options-traders Accessed on 3 November 2026.

[5] “Qualcomm Announces Third Quarter Fiscal 2026 Results (Form 8-K, Exhibit 99.1) – US Securities and Exchange Commission” https://www.sec.gov/Archives/edgar/data/0000804328/000080432826000085/qcom062826erex991.htm Accessed on 3 November 2026.

[6] “QCOM Stock Earnings Preview: What to Expect From Qualcomm’s Q4 Report – Barchart via Yahoo Finance” https://finance.yahoo.com/markets/stocks/articles/qcom-stock-earnings-preview-expect-131334130.html Accessed on 3 November 2026.

[7] “QUALCOMM (QCOM) Q4 2026 Preview: EPS Est. $2.16, Reports November 4 – AlphaStreet” https://news.alphastreet.com/qualcomm-qcom-q4-2026-preview-eps-est-2-16-reports-november-4/ Accessed on 3 November 2026.

[8] “Why Is Intel Stock Falling? – Trefis” https://www.trefis.com/stock/intc/articles/621871/why-is-intel-stock-falling/2026-11-02 Accessed on 3 November 2026.

[9] “Intel Shares Plunge 30% in Historic Drop, Triggering Global Chip Selloff – YourNews” https://yournews.com/2026/10/30/7246208/intel-shares-plunge-30-in-historic-drop-triggering-global-chip/ Accessed on 3 November 2026.

[10] “Stock Market Today: S&P 500 and Nasdaq Extend Tech Sell-Off, Dow Gains as Oil Prices Plunge – Yahoo Finance” https://finance.yahoo.com/markets/live/stock-market-today-monday-november-2-dow-sp-500-nasdaq-091835095.html Accessed on 3 November 2026.

[11] “QUALCOMM’s Quarterly Earnings Preview: What You Need to Know – Barchart via Yahoo Finance” https://finance.yahoo.com/markets/stocks/articles/qualcomm-quarterly-earnings-preview-know-162124087.html Accessed on 3 November 2026.

[12] “Qualcomm (QCOM) Q2 2026 Earnings Transcript – The Motley Fool” https://www.fool.com/earnings/call-transcripts/2026/04/29/qualcomm-qcom-q2-2026-earnings-transcript/ Accessed on 3 November 2026.

[13] “Earnings Call Transcript: Qualcomm Q3 2026 Beats Revenue but Shares Slide – Investing.com” https://www.investing.com/news/transcripts/earnings-call-transcript-qualcomm-q3-2026-beats-revenue-but-shares-slide-93CH-4821887 Accessed on 3 November 2026.