/Qualcomm%2C%20Inc_%20logo%20on%20pc%20and%20website%20on%20phone-by%20T_Schneider%20via%20Shutterstock.jpg)
Qualcomm (QCOM) shares closed down nearly 9% on Feb. 5, after the multinational issued weaker-than-expected Q2 guidance, citing memory shortages as artificial intelligence (AI) continues to drive supply away from smart phones. The post-earnings dip crashed QCOM’s relative strength index (14-day) to about 21, indicating extremely oversold conditions that often invite bargain hunters and short-term traders, resulting in a near-term rebound.
At the time of writing, Qualcomm stock is down about 25% versus its year-to-date high.
