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More Reading from MarketBeat.com Qualcomm Shares Are Back Near Their 2021 Price—Should Investors Be Worried or Excited?Submitted by Sam Quirke. Article Posted: 12/29/2025. 
At a Glance - After a long reset, Qualcomm is ending the year near 2021 price levels.
- However, it’s hard to ignore the fact that the stock has quietly rallied more than 40% since April alone.
- Analyst price targets suggest that the stock remains undervalued even now.
Tech giant Qualcomm Inc. (NASDAQ: QCOM) is trading around $175 — a level notable for an unexpected, and arguably undesirable, reason. Despite a strong rally in recent months, the stock is finishing the year close to where it closed out 2021. AI's next bottleneck may not be chips — but power.
In a recent discussion, NVIDIA's CEO pointed to electricity constraints as a limiting factor for AI's growth, sparking new interest in space-based data centers where power generation and cooling are far more efficient. While Big Tech is still exploring the concept, one public company is already working on infrastructure designed to support AI systems operating in orbit. Learn how this company is positioning itself at the foundation of space-based AI On the surface that might sound uninspiring, but look a little closer and there's an interesting story about how the market is reassessing Qualcomm as we move into 2026. After years of uneven performance and repeated false starts, Qualcomm has finally put together one of its more sustained rallies in recent memory. The stock is up more than 40% since April, yet it still sits well short of the euphoric valuations some of its semiconductor peers have enjoyed. The market's question heading into 2026 is straightforward: Is Qualcomm stock simply bouncing within a long range, or is it finally earning a more durable re-rating? Qualcomm Stock Back Near 2021 Prices After a Multiyear Reset Finishing near 2021 levels does not mean Qualcomm has gone nowhere. Rather, it reflects a long reset the stock has endured. Since that period, the company has worked through smartphone-cycle volatility, supply-chain disruption and shifting investor expectations about its growth profile. What makes this rally different is how it has unfolded. Qualcomm's move since April has been slow, steady and sustainable rather than volatile and explosive. The stock has been making higher highs and higher lows without the kind of speculative frenzy that often marks short-term tops. Importantly, fundamentals have been doing more of the heavy lifting. Qualcomm has consistently beat analyst expectations in its quarterly reports, forcing skeptics to prove this is a company on the back foot—something they have not done. From that perspective, trading near 2021 price levels is less a sign of stagnation and more a reflection of reinvention and restored credibility. Analyst Price Targets Signal Re-Rating Potential Recent analyst commentary captures that balance. Susquehanna's reiterated Buy rating last month and its $210 price target paint the picture of a stock with meaningful upside that isn't yet fully reflected in the share price. While Cantor Fitzgerald took a more cautious stance this month with a Neutral rating, their $185 price target — against a stock trading around $175 — still implies upside. The split is telling: even the more cautious voices stop short of predicting a trend reversal. The debate has shifted to whether Qualcomm will continue trading around the upper end of its recent range or push toward all-time highs. What Must Go Right for Qualcomm in 2026 Looking ahead, the key takeaway is that Qualcomm enters 2026 from a position of operational strength rather than speculative momentum. The stock is not cheap by its own recent standards, but it is also not priced for perfection. Trading near 2021 levels after a multiyear reset leaves significant room for upside if execution continues. The next leg up will likely depend on whether Qualcomm can sustain its narrative shift. Continued earnings beats and broader revenue diversification would support the case for this rally continuing. In that scenario, the current price could look more like a base of support than a ceiling. Risks remain. A renewed slowdown in key markets or a shift in sentiment toward semiconductors broadly could stall progress. But unlike prior rallies, this one is being underpinned by fundamentals rather than hope. Ending the year near 2021 levels doesn't mean Qualcomm has been idle. The company appears to be making tangible progress in its transformation and could be positioned to reach a fresh all-time high in 2026.
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