Prediction: This Chipmaker Could Be a Bigger Winner Than Investors Think

Qualcomm’s turnaround story in 2026 is being framed around a non-handset push as shares lag. The stock traded at $162.68 as of August 11, 2026, after falling 14% over the prior month and 3.91% year to date, but still up 12.26% over the past year. 24/7 Wall St. sets a $226.08 target, implying 38.97% upside in 12 months, with a “buy” view at 90% confidence. Fiscal Q3 revenue was $9.947 billion (beating estimates by 2.84%), while non-GAAP EPS of $2.21 missed. Handsets dropped 20% YoY, but Automotive grew 61% and IoT rose 9%. The Modular acquisition closed August 7, adding an AI software foundation; initial hyperscaler data center shipments are expected in December 2026. Risks include margin pressure from wafer, packaging and memory costs, Apple insourcing modems, Arm litigation, and China concentration.