Quick Read

• Qualcomm (QCOM) shares rose 27.2% in a single week to $248.82 and are up 46.41% year to date, driven by CEO Cristiano Amon’s announcement that AI agents are reshaping the company’s roadmap across every platform.

• Quarterly earnings grew 173% year over year, with combined Auto and IoT revenue climbing 27%, while the data center business gains traction through hyperscaler custom silicon engagements shipping later this year.

• Qualcomm’s June 24 Investor Day on Data Center and Physical AI could re-rate the stock from a handset cyclical to an AI infrastructure compounder, and reaching $400 per share by 2028 requires 7x multiple expansion on top of earnings growth, contingent on hyperscaler deals ramping on schedule and Automotive maintaining its 38% year-over-year growth pace.

• The analyst who called NVIDIA in 2010 just named his top 10 stocks and Qualcomm wasn’t one of them. Get them here FREE.

Qualcomm (NASDAQ:QCOM) just did something I did not expect this year. Shares rose 27.2% in a single week and sit at $248.82, with the stock up 46.41% year to date.

CEO Cristiano Amon told investors last month, “We are in a period of profound industry transformation, the rise of AI agents is reshaping our roadmap across every platform we develop.” The question I want to answer: can Qualcomm reach $400 per share by 2028?

The analyst who called NVIDIA in 2010 just named his top 10 stocks and Qualcomm wasn’t one of them. Get them here FREE.

What Held Qualcomm Back Before This Rally

For most of the first quarter of 2026, Qualcomm was the semi nobody wanted. The stock bottomed near $129.39 in March on memory supply constraints and Chinese OEM softness. Handset revenue, still the largest line, fell 13% year over year to $6.024B in Q2 FY26.

Q3 guidance calls for revenue of just $9.2B to $10B and EPS of $2.10 to $2.30, a step down sequentially. With a beta of 1.493, the stock magnifies any wobble. Add in the long-running Apple modem vertical integration risk and you have the reason this name traded like a value trap for months.

Wall Street Sees Downside. Our Model Sees 37%+ Upside

Here is where consensus and I part ways. The Street’s average target is $177.81, well below today’s price, with 1 Strong Buy, 10 Buy, 22 Hold, 2 Sell, and 2 Strong Sell ratings. Only 30% of analysts are bullish.

Our 24/7 base case for 2028 is $340.92, the bull case $375.82, with a 90% confidence read. Analysts have not absorbed the data center pivot. Qualcomm grew quarterly earnings 173% year over year and combined Auto plus IoT climbed 27% in FY25. The Hold-heavy book looks stale to me.