News Summary
PositiveQualcomm secured transformational AI data center wins with Amazon ($60B commitment) and maintained Apple licensing revenue, but Q3 earnings missed guidance expectations and the company faces margin pressure from rising input costs, partially offset by planned price increases starting September 2026. Non-handset revenue is expected to accelerate dramatically to >60% growth in FY2027, positioning the company for significant AI infrastructure upside.
Red flags
- •Q4 guidance materially below consensus: $2.05-$2.25 EPS vs. $2.36 expected; revenue guidance $9.7-$10.5B vs. $10.02B expected
- •Q3 adjusted EPS of $2.21 slightly missed $2.23 estimate
- •Supply chain constraints and memory chip shortages cited as ongoing headwinds
- •Apple transition to custom modems ongoing — iPhone 18 Pro Max U.S. only model with Qualcomm modem; modem supply agreement ends 2026
Funds Buying (3)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Altimeter Capital | Brad Gerstner | 1.9M | +1.9M | $348M | 3.5% | — | NEW |
| Viking Global | Andreas Halvorsen | 1.5M | +1.5M | $280M | 0.8% | — | NEW |
| Maverick Capital | Lee Ainslie | 6K | +6K | $1M | <0.1% | — | NEW |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where QCOM ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #11 of this fund's book
- 8UBER TECHNOLOGIES INC$532M
- 9SNOWFLAKE INC$490M
- 10MICROSOFT CORP$473M
- 11QUALCOMM INC$348M
- 12SPACE EXPLORATION TECHN CORP$304M
- 13MICRON TECHNOLOGY INC$242M
- 14APPLIED MATLS INC$189M
Values are quarter-end position sizes. Shown only for funds where QCOM ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Insider Activity
| Name | Title | Type | Shares | Price | Value | Filed | Src |
|---|---|---|---|---|---|---|---|
| Grech Patricia Y | SVP, Chief Accounting Officer | SELL | 98 | $186.55 | $0.02M | 2026-10-02 | ↗ |
| AMON CRISTIANO R | President & CEO | SELL | 10K | $200.00 | $2.00M | 2026-09-25 | ↗ |
| AMON CRISTIANO R | President & CEO | SELL | 10K | $195.00 | $1.95M | 2026-09-21 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 32 | $177.62 | $0.01M | 2026-09-11 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 36 | $178.63 | $0.01M | 2026-09-11 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 48 | $179.76 | $0.01M | 2026-09-11 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 82 | $180.87 | $0.01M | 2026-09-11 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 696 | $181.89 | $0.13M | 2026-09-11 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 508 | $182.69 | $0.09M | 2026-09-11 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 739 | $183.84 | $0.14M | 2026-09-11 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 347 | $184.63 | $0.06M | 2026-09-11 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 12 | $185.31 | $0.00M | 2026-09-11 | ↗ |
| Grech Patricia Y | SVP, Chief Accounting Officer | SELL | 208 | $170.00 | $0.04M | 2026-08-31 | ↗ |
| Grech Patricia Y | SVP, Chief Accounting Officer | SELL | 625 | $162.85 | $0.10M | 2026-08-21 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 260 | $161.77 | $0.04M | 2026-08-12 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 748 | $162.56 | $0.12M | 2026-08-12 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 1K | $163.45 | $0.18M | 2026-08-12 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 248 | $164.73 | $0.04M | 2026-08-12 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 164 | $165.34 | $0.03M | 2026-08-12 | ↗ |
| ACE HEATHER S | EVP, Chief HR Officer | SELL | 3K | $147.04 | $0.47M | 2026-08-03 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 581 | $178.27 | $0.10M | 2026-07-14 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 535 | $179.13 | $0.10M | 2026-07-14 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 329 | $180.21 | $0.06M | 2026-07-14 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 240 | $181.23 | $0.04M | 2026-07-14 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 377 | $182.31 | $0.07M | 2026-07-14 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 166 | $183.15 | $0.03M | 2026-07-14 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 59 | $183.98 | $0.01M | 2026-07-14 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 108 | $186.26 | $0.02M | 2026-07-14 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 61 | $187.15 | $0.01M | 2026-07-14 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 12 | $187.90 | $0.00M | 2026-07-14 | ↗ |
| Palkhiwala Akash J. | EVP, CFO & COO | SELL | 32 | $189.42 | $0.01M | 2026-07-14 | ↗ |
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| STATE STREET CORPORATION | SC 13G | 52.8M | 5.0% | 2026-08-07 | ↗ |
| Vanguard Capital Management | SC 13G | 80.2M | 7.5% | 2026-04-30 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.
Congressional Trading
| Member | Chamber | State | Type | Amount Range | Transaction Date | Filed | Src |
|---|---|---|---|---|---|---|---|
| Maria Elvira Salazar | house | FL27 | SELL | $1,001 - $15,000 | 2026-08-19 | 2026-09-09 | ↗ |
| Maria Elvira Salazar | house | FL27 | SELL | $1,001 - $15,000 | 2026-08-12 | 2026-09-09 | ↗ |
| Alan Armstrong | senate | — | BUY | $1,001 - $15,000 | 2026-03-27 | 2026-07-21 | ↗ |
Periodic Transaction Reports filed under the STOCK Act. Amounts are disclosed as ranges, not exact dollar figures.