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Qualcomm's (QCOM) fiscal third-quarter 2026 results highlighted the challenges facing the company, with weak revenue, contracting margins, and little evidence of near-term business momentum. The short-term challenges have weighed heavily on investor sentiment, sending the stock down nearly 44% from its recent high.
Although Qualcomm's core CDMA Technologies (QCT) business faces challenges, the company's long-term growth story extends well beyond handsets. Expanding opportunities in higher-growth markets, particularly data centers, could become a meaningful earnings driver over the coming years, providing a compelling foundation for the bullish investment thesis despite the near-term headwinds.
