Qualcomm Inc (NASDAQ:QCOM) stock trended on Thursday as investors focused on the growing market for agentic AI smartphones and the company's expanding automotive partnerships, even as broader tech markets weakened.

Agentic AI Smartphones Could Drive Chip Demand

Recently, Counterpoint Research said agentic AI-capable smartphone chips reached 4% market penetration by the end of 2025 and could rise to 32% by 2027, meaning roughly one in three smartphones sold by then may support agentic AI features.

The report also highlighted intensifying competition in premium smartphone chips, noting MediaTek launched agentic AI capabilities through its Dimensity 9400 series ahead of Qualcomm's Snapdragon 8 Elite Gen 5 rollout.

Stellantis Partnership Expands Qualcomm's Automotive Reach

Qualcomm and Stellantis NV (NYSE:STLA) expanded their long-term partnership to integrate Snapdragon Digital Chassis chips into next-generation Stellantis vehicles.

The collaboration combines Qualcomm's platform with Stellantis' STLA Brain system to improve connectivity, cockpit technology, and advanced driver-assistance features while helping the automaker accelerate software updates and reduce costs through platform standardization.

Qualcomm Pushes Further Into AI-Driven Driving Systems

The agreement also includes Qualcomm's Snapdragon Ride Pilot platform, enabling features ranging from active safety systems to Level 2+ hands-free driving across millions of Stellantis vehicles.

The companies also signed a non-binding letter of intent for Stellantis-owned autonomous driving company aiMotive to join Qualcomm Technologies, subject to certain conditions.

Qualcomm Shows Relative Strength In Weak Market

Qualcomm's gains came despite a broader market pullback, with the Nasdaq declining and market breadth remaining weak, signaling stock-specific momentum tied to AI smartphone and automotive growth themes.

Earnings & Analyst Outlook

Looking further out, the next major catalyst for the stock arrives with the July 29, 2026 (estimated) earnings report.

  • EPS Estimate: $2.09 (Down from $2.77 YoY)
  • Revenue Estimate: $9.67 Billion (Down from $10.37 Billion YoY)
  • Valuation: P/E of 21.8x (Suggests fair valuation relative to peers)

Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price target of $170.52. Recent analyst moves include:

  • Tigress Financial: Buy (Raises Target to $280.00) (May 8)
  • Daiwa Capital: Upgraded to Outperform (Raises Target to $225.00) (May 8)
  • JP Morgan: Neutral (Raises Target to $160.00) (April 30)

Price Action

QCOM Stock Price Activity: Qualcomm shares were up 2.55% at $207.67 at the time of publication on Thursday, according to Benzinga Pro data.

Photo: Shutterstock