Qualcomm Stock Drop Creates Second-Chance Buy Opportunity

The article frames Qualcomm's pullback as a second chance for investors who missed its earlier run. The stock trades at 15.3 times forward earnings, which the author suggests is attractive given the company's AI-driven growth prospects. Qualcomm is diversifying beyond its traditional smartphone business into data centers, aiming for at least $15 billion in revenue there by 2029. Its existing data center connectivity chip shipments and custom silicon deals with two hyperscalers support this target. The deal to supply CPUs to Meta for AI agents starting in the second half of 2028 adds further credibility. However, near-term headwinds like rising memory prices and Apple's decision to drop Qualcomm's baseband chips could slow revenue growth this year and next. The author expects revenue to reaccelerate later in the decade as data center sales ramp up. This analysis is based solely on the article's content, which notes the author's positions in Apple, Meta, and Qualcomm.