News Summary
NegativeQualcomm reported in-line Q3 FY26 earnings ($9.9B revenue, non-GAAP EPS $2.21) but issued light guidance and announced across-the-board price increases starting September 1, citing memory supply constraints. While automotive revenue surged 61% to a record $1.588B and management targets $40B in non-handset revenue by FY2029, handset revenue declined 20% year-over-year, prompting three major analyst downgrades and a consensus shift to Hold.
Red flags
- •Handset revenue fell 20% YoY to $5.086B; JPMorgan forecasts low double-digit smartphone shipment decline in 2026
- •Light guidance on in-line revenue with margin pressure cited; UBS, Cantor, and JPMorgan all cut price targets post-earnings
- •JPMorgan downgrade to Neutral from Overweight; analyst consensus shifted to Hold (23 analysts) from prior Overweight positioning
- •Price increases effective September 1 suggest margin defense rather than pricing power—signal of competitive/demand weakness
- •Diversification progress described as 'slow' by JPMorgan despite non-handset growth targets; execution risk on $5B data center revenue goal for next year
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 |
|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|
| 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.