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Qualcomm’s (QCOM) post-earnings slump has revived a harsh thesis that QCOM has no bottom in sight for 2026, and the market is trading it that way. After its Feb. 4 report, the stock gave up roughly two years of gains and slipped back toward 2020 levels, even though it delivered about $12.25 billion in quarterly revenue. That headline number could not overcome the cautious outlook, and HSBC has warned that calling a clear bottom in 2026 may simply not be realistic yet.
This tension becomes even clearer when set against what is happening across chips more broadly. Omdia expects global semiconductor revenue to surpass $1 trillion in 2026, with about 30.7% year-over-year (YoY) growth driven by AI-hungry memory and logic demand. Within that surge, computing and data storage are projected to climb roughly 41.4% year over year to more than $500 billion.
