Qualcomm Drops 25%, but Investor Day Could Reverse the Slide

Qualcomm shares have dropped 25% from recent highs of $250 to approximately $190, erasing a substantial portion of the company's 100%+ rally. The selloff reflects both semiconductor sector weakness and valuation concerns after the extended run-up.

The stock faces a potential catalyst on June 24 when Qualcomm hosts its Investor Day. JPMorgan elevated its price target from $160 to $265 ahead of the event, anticipating management will present an ambitious data center strategy with revenue projections extending into the early 2030s. The bank expects Qualcomm to position itself as a diversified AI and data center player, moving beyond its core smartphone chip business.

The 25% decline has brought shares back to levels last seen months ago, creating a setup where the June presentation could either validate the recent weakness or spark a reversal if the company delivers compelling growth targets in its emerging businesses.