Qualcomm’s 36% Pullback Creates a Buying Opportunity Ahead of Q3 Earnings

Qualcomm (QCOM) will report its third-quarter fiscal 2026 results on July 29, and the recent weakness in QCOM stock presents an attractive buying opportunity for long-term investors ahead of earnings. Shares have fallen nearly 36% from their recent high as valuation concerns and challenges in the consumer handsets market have weighed on sentiment.

Much of the decline follows a solid rally that pushed Qualcomm's valuation higher. At the same time, strong demand for AI infrastructure and high-bandwidth memory has tightened memory supply and increased component costs for smartphone manufacturers. In response, several Android OEMs, particularly in China, have reduced production plans and focused on clearing existing inventory instead of placing new orders.