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Qualcomm (QCOM) has been one of the notable technology stocks to lag the broader market in 2026. The company’s weaker performance largely stems from challenges in its handset business, which accounts for more than half of its overall revenue.
Weakness in Qualcomm’s handset business reflects broader difficulties in the Android smartphone market. Strong investment in artificial intelligence (AI) infrastructure and high-bandwidth memory (HBM) has shifted memory resources toward data center applications, driving up component costs for smartphone manufacturers.
