Qualcomm (NASDAQ:QCOM) fell roughly 7% in the June 9 session, caught between a sector selloff and a fresh bear case.
By Ruslan Averin. This is Ruslan Averin's QCOM stock analysis — here is how I read it.
A cheap multiple is only cheap if the earnings hold. Qualcomm's problem is that the market can see a chunk of them leaving.
| Metric | Value |
|---|---|
| June 9 move | ~-7% |
| Mizuho action | Downgrade to Neutral, PT $175 (from $200) |
| Apple modem share | ~20% in 2026, ~0 by 2027 |
| AI-PC threat | Nvidia RTX challenges Snapdragon X |
| June 8 | had risen ~2% on a Huang endorsement |
Why it fell
The day-of move is mostly the chip risk-off — but the narrative under it is structural. Mizuho cut Qualcomm to Neutral and trimmed its target to $175, pointing at the slow loss of Apple's modem socket and soft handset demand. Apple is bringing its modem in-house, taking Qualcomm's share toward zero by 2027, and Nvidia's push into AI PCs threatens the Snapdragon X franchise. After rising about 2% on June 8 on a Jensen Huang endorsement, the stock reversed hard.
What it means for you
Qualcomm screens cheap, and the diversification into automotive and IoT is real. But the bear case is specific and dated: a known revenue cliff and a new competitive front in PCs. The dip is only an opportunity if the non-handset businesses scale faster than Apple walks away.
Bottom line: I would not buy QCOM purely on a low multiple — I want proof the auto and IoT growth offsets the Apple modem loss before treating a chip-selloff drop as a bargain.