Qualcomm Inc (NASDAQ:QCOM) is trading lower by more than 11% on Tuesday as traders digest the company's recent AI-device push and capital-return messaging while the broader market is sliding, with the S&P 500 down 1%.

• Qualcomm shares are retreating from recent levels. Why are QCOM shares down?

The move also comes as investors weigh Qualcomm's longer-term growth narrative against a risk-off tape that's pressuring high-momentum names.

The latest attention follows Qualcomm's fiscal second-quarter update on April 29, when it posted adjusted EPS of $2.65 on revenue of $10.60 billion, topping consensus estimates of $2.56 and $10.59 billion, respectively.

Management also highlighted capital returns, including $5.4 billion of buybacks in the first half of fiscal 2026 and a newly announced $20 billion repurchase authorization.

With markets open, the selling pressure looks more macro-driven than sector-driven: the Nasdaq is down 1.90%, and the Russell 2000 is down 2.43%, while market breadth is slightly negative (advance/decline ratio of 0.8). Communication Services is holding near unchanged (+0.01%, ranked fifth of 11 sectors), so Qualcomm's drop stands out as stock-specific profit-taking after a sharp run.

The PHLX Semiconductor Sector, comprising semiconductor stocks led by NVIDIA Corp (NASDAQ:NVDA), Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM), Broadcom Inc (NASDAQ:AVGO), such as Qualcomm, traded lower by close to 6% on Tuesday.

Technical Analysis

From a longer-term trend view, Qualcomm is still extended above its major moving averages — trading 29.2% above its 20-day SMA and 32.8% above its 200-day SMA — leaving less room for error when the tape turns risk-off.

The trend picture is mixed: the 20-day SMA is above the 50-day SMA (bullish near-term), but the death cross from February (50-day below the 200-day) is a reminder that the bigger-cycle trend only recently stabilized.

Momentum is the bigger tell right now: RSI is 88.39, which signals the move has been stretched and prone to sharp pullbacks or sideways digestion even if the longer-term uptrend remains intact. Key levels matter more in this setup because extended RSI readings can unwind quickly once buyers step back.

• Key Support: $172 — Nearby level where buyers previously stepped in, sitting close to the 20-day EMA ($172.59) and acting as a practical "line in the sand" if the pullback deepens.

Earnings & Analyst Outlook

Looking further out, the next major catalyst for the stock arrives with the July 29 (estimated) earnings report.

• EPS Estimate: $2.09 (Down from $2.77 year-over-year)
• Revenue Estimate: $9.67 billion (Down from $10.37 billion YoY)
• Valuation: P/E of 25.5x (Indicates premium valuation relative to peers)

Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price target of $174.54. Recent analyst moves include:

• Tigress Financial: Buy (Raises target to $280 on May 8)
• Daiwa Capital: Upgraded to Outperform (Raises target to $225 on May 8)
• JP Morgan: Neutral (Raises target to $160 on April 30)

Price Action

QCOM Stock Price Activity: Qualcomm shares were down 13.97% at $204.35 at the time of publication on Tuesday, according to Benzinga Pro data.

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