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

Qualcomm stock has plummeted 25% from recent highs of $250 to around $190, giving back gains from a 100%+ rally. The decline is partly due to broader semiconductor and AI sector weakness, but also reflects concerns about overextended valuations. However, the company's upcoming Investor Day on June 24 could be a major catalyst. JPMorgan raised its price target from $160 to $265, expecting management to outline an ambitious data center strategy and revenue targets through the early 2030s, positioning Qualcomm as a diversified AI and data center player rather than just a smartphone chip supplier.