Qualcomm Inc. (NASDAQ: QCOM) has long stood out as one of the cheapest large-cap semiconductor stocks, especially when compared to the likes of NVIDIA Corp (NASDAQ: NVDA) or Advanced Micro Devices Inc (NASDAQ: AMD). But valuation alone hasn’t been enough to get shares moving to the same extent that their larger peers have. Based on last week’s update, though, that may soon be changing.
While Qualcomm remains essentially flat since January of last year, the more relevant story for investors right now is the move that’s been building since April. The stock is up nearly 30% from those lows, with a clear pattern of higher highs and higher lows forming on the chart. That’s not something we’ve seen much of from Qualcomm in previous quarters, and it’s giving bulls something to lean on ahead of the company’s next earnings report at the end of the month.
