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Today's Featured News Qualcomm Is on Its Biggest Uptrend in 2 Years—Can It Continue?Written by Sam Quirke. Published 9/30/2025. 
Key Points - Shares of Qualcomm have been breaking out in recent weeks to their highest levels since February.
- Strong technicals, a cheap valuation, and impressive diversification are the pillars of the bull case.
- However, it must continue to prove to investors that it can maintain this upward momentum.
Tech giant Qualcomm Inc. (NASDAQ: QCOM) has tested investors' patience for years. While more established peers such as NVIDIA Corporation (NASDAQ: NVDA) have ridden the artificial intelligence (AI) wave to record highs, Qualcomm has remained essentially flat, trading near its 2021 levels. As we've noted repeatedly, it's been one of the market's most frustrating semiconductor stories. Yet, recent developments suggest the company may finally be turning the corner. Shares closed just under $170 on Friday—levels not seen since last February—and are amid the stock's most compelling rally in nearly two years. Coupled with a price-to-earnings ratio of just 16 and a bullish MACD, Qualcomm looks surprisingly attractive. The key question: Is this a lasting breakout or merely a fleeting spike? Let's examine the case for and against a sustained uptrend. Signs of Renewed Momentum From the bull's perspective, momentum has returned in force. Since April, the stock has climbed steadily; its Relative Strength Index (RSI) sits at 62, and the MACD is trending higher. Investors who once dismissed Qualcomm as dead money are taking notice, arguing this could be the start of a longer-term rally rather than a short-term bounce. The decisive move above $160 represents a clear breakout from months of range-bound trading. With prior resistance now likely serving as support, Qualcomm is trading at seven-month highs. If it can hold these levels, the stock may build a stronger foundation for future gains. Diversifying Beyond Smartphones A rally this robust demands more than technicals. Fortunately, Qualcomm has been busy crafting new narratives. Historically tethered to smartphone cycles, the company is now emphasizing diversification. Leading the charge is its push into on-device AI—a niche distinct from NVIDIA's data-center expertise. The latest Snapdragon platforms aim to make AI capabilities standard in mobile devices and PCs, positioning Qualcomm to capture a slice of burgeoning AI spending. Tapping the Automotive Market Automotive technology is another growth pillar. Qualcomm's collaboration with BMW on advanced driver-assistance systems highlights its move beyond handsets. This division has already delivered strong revenue growth, and management projects it could evolve into a multibillion-dollar business over time. By advancing in both AI and automotive, Qualcomm is reshaping its revenue mix and offering Wall Street a fresh story. Risks and Challenges Despite the bullish setup, risks remain. Qualcomm's lucrative licensing division, while a key cash generator, faces regulatory scrutiny and disputes—most notably with Huawei. A setback here could quickly derail the positive outlook. Additionally, customer concentration poses a risk: Apple Inc. (NASDAQ: AAPL), a major partner, is investing heavily in in-house modem development, potentially reducing its dependence on Qualcomm. Though these headwinds have been known for months and likely factored into the share price, the memory of past disappointments still looms. Qualcomm will need to deliver consistently to convince skeptical investors that this time is different. Conclusion Qualcomm's recent breakout and diversified growth strategy mark a notable departure from its stagnant past. With technical indicators flashing green and new revenue drivers in AI and automotive, the stock presents a compelling turnaround case. Yet, regulatory, licensing, and customer-concentration risks warrant caution. Investors should weigh these factors carefully before concluding that Qualcomm's two-year uptrend is here to stay.
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