Qualcomm stock falls 6 percent as 6G test with China Mobile shifts focus

Published on 09/20/2026 at 14:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Qualcomm stock retreated 6 percent to USD 178.15 on September 19, 2026, after a recent 12 percent rally in the broader chip sector. At the same time, analysts see rising competition and await September quarter earnings on November 4, 2026.

Fotorealistischer Nahaufnahme eines generischen ungebrandeten mobilen System-on-Chip-Prozessors auf einer Leiterplatte mit sichtbaren Kupferleiterbahnen und Lötstellen — Qualcomm US7475251036 zeigt fotorealistischen mobilen Prozessor auf dunkler moderner Leiterplatte mit Kupferleiterbahnen, Illustration mit AI erstellt.

Qualcomm Incorporated (ISIN US7475251036) stock fell 6 percent to USD 178.15 in recent trading, giving back part of a 12 percent rally that had pushed the chip designer toward a USD 200 billion market capitalization as of September 19, 2026, according to Pluang.

6G test with China Mobile highlights long-term growth

On September 20, 2026, China Mobile and Qualcomm announced that they completed what they describe as the world's first end-to-end 6G prototype test in the U6G band, using a 6G open innovation platform at China Mobile's collaborative innovation base, according to Sina Finance.

The test covered a U6G frequency range between 6,425 megahertz and 7,125 megahertz and followed the latest 3GPP definitions for wideband baseband and radio frequency alignment, again per Sina Finance.

For investors, the collaboration underlines that Qualcomm is positioning itself early for 6G, moving key technologies from the research phase into system-level validation and potentially widening its addressable market beyond current 5G modem and radio products.

Analysts expect weaker EPS and rising competition

Wall Street expects Qualcomm to report its September quarter results on November 4, 2026, with consensus earnings per share of USD 1.47, which would represent a 42.58 percent decline from USD 2.56 per share a year earlier, according to Barchart.

The expected year-on-year EPS decline keeps attention on handset demand and margins in Qualcomm's core mobile business, while competitors such as MediaTek are preparing new 2-nanometer chips to challenge Qualcomm's position in high-end smartphones, as discussed by Barchart.

Analyst Srini Pajjuri recently raised his price target on Qualcomm stock to USD 180 from USD 160, maintaining a Sector Perform rating, according to Barchart.

Across the broader analyst community, Qualcomm stock carries a Hold consensus rating based on 34 analyst views, with an average price target of USD 198.77 that implies roughly 8 percent upside from the September 16, 2026, closing price, again per Barchart.

Stock price and market context

Qualcomm shares recently traded at USD 178.15 on Nasdaq, down 6 percent on the day while the iShares Semiconductor ETF rose 1 percent, highlighting that the pullback in Qualcomm stock was driven by company-specific profit taking rather than a sector-wide sell-off, according to Pluang.