On July 28, Qualcomm fell 3.07% in pre-market trading, trading at $164.62/share, with turnover of $7.44 million.

On the news front, Qualcomm officially notified customers of a double-digit percentage price increase across its entire chip product lineup, effective September 1. The company stated it had absorbed upstream supply chain cost increases for several consecutive quarters but can no longer sustain the additional expenditures. Despite efforts to source alternative components, Qualcomm was unable to offset the persistent cost escalation. Notably, MediaTek had already issued a similar price adjustment notice in late June, indicating industry-wide cost pressure.

Adding to the bearish sentiment, Qualcomm is scheduled to report fiscal third-quarter earnings after market close on July 29, with consensus EPS expectations at $1.54. The company previously guided Q3 revenue between $9.2 billion and $10.0 billion. UBS recently cut its price target on the stock from $235 to $190 while maintaining a neutral rating. Within the semiconductor sector, broad weakness prevailed, with Micron Technology down 6.78%, Intel down 5.06%, SK hynix down 5.49%, AMD down 4.54%, and NVIDIA down 1.17%.

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