Few stocks have tested investor patience like Qualcomm Inc. (NASDAQ: QCOM) this summer. After hitting a high at the end of May, the chip giant gave back over 30% of its value through last Friday's close, unwinding much of a rally that had looked like the start of something far more durable.
What makes the slide so frustrating for the bulls is that it has come despite so many recent bullish updates. Qualcomm used its June Investor Day to double its fiscal 2029 non-handset revenue target and lay out a credible data center strategy with blue-chip customers already signed up. That was arguably the most consequential update in the company's recent history, and yet the stock has gone backward ever since.
