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Further Reading from MarketBeat Qualcomm's Bulls Are Running Out of Room to Be WrongWritten by Sam Quirke. Published 11/18/2025. 
Key Points - Qualcomm has entirely erased its post-earnings rally as its shares slip back towards $160.
- The stock is now testing key support, and the bulls are nowhere to be seen.
- Analysts remain divided, while investors prepare to be disappointed once again.
Shares of Qualcomm Inc. (NASDAQ: QCOM) were down another 2% early Tuesday, Nov. 18, sliding below $163 as a broader market sell-off gained momentum. The move erased all post-earnings gains from last month's breakout, leaving the stock down more than 20% from its highs. Despite repeated earnings beats and expansion into AI and automotive markets, Qualcomm's chart looks fragile again. For long-term investors, it's a familiar story: strong fundamentals overshadowed by a lack of market conviction. Bulls see this as a pullback in a larger uptrend; bears see another false start. Who will win out? Let's take a closer look. Bulls Still See Strength Beneath the Surface After picking Nvidia in 2016, before it jumped 27,000%...
Jeff Brown is back with what he believes will be the biggest paradigm shift ever.
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Click here to get the name of this company, completely free of charge... Click here for the details. Bulls argue Qualcomm's long-term setup remains compelling—if you don't focus on recent price action. The rising trendline that began in April remains technically intact, and the company's fundamentals continue to look solid. The latest quarterly report once again beat expectations on EPS and revenue, and management offered constructive forward guidance. Diversification is gaining momentum, and the company's AI strategy has given Qualcomm a foothold in one of the market's hottest areas. Those shifts have helped insulate the business from handset cycles and positioned it for more stable, recurring revenue growth. Valuation-wise, QCOM still trades at a discount to many large-cap semiconductor peers. That mix of growth and relative value continues to attract bullish analysts: Susquehanna rated Qualcomm a Buy earlier this month, and Rosenblatt Securities set a $225 price target. From Tuesday's trading level, that implies potential upside of more than 35%. Bears Say It's the Same Story Again Bears offer a simpler take: this is classic Qualcomm—strong reports and breakout attempts that quickly fade. The stock's inability to hold above $180 or sustain October's surge reinforces the perception that each breakout runs out of steam. They also note that Qualcomm's diversification narrative has been around for years. Execution may be improving, but the market wants to see more before rewarding it. That view has some traction on Wall Street: Wells Fargo urged caution with an Underweight rating earlier this month, and given the stock's slide since then, that call looks prescient. Macro headwinds make matters worse. With risk appetite fading, investors are far more selective about tech exposure. To investors chasing pure AI plays, Qualcomm looks uncertain right now—if it couldn't hold gains when the market was at record highs, what happens when sentiment turns south? Key Levels and Catalysts to Watch The $160–$162 zone is now the key line in the sand. A break below could push the stock toward the mid-$150s and erase the uptrend that began in spring. Momentum indicators are mixed: the RSI has slipped below neutral toward oversold levels, and the MACD is leaning negative. A meaningful rebound seems unlikely until one or both of those indicators turn more bullish. Still, there are reasons for optimism. Qualcomm's balance sheet remains strong, and its growing presence in automotive and IoT differentiates it from many AI-focused peers. If macro conditions stabilize, QCOM could be among the first to recover. Either way, Qualcomm remains a stock defined by frustration: the fundamentals and analyst support exist, yet the price action keeps disappointing. If the stock can hold current support and avoid another breakdown, the bulls may still prevail—but with momentum fading, they're running out of room and excuses to be wrong.
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