On July 7, Qualcomm fell 3.14% overnight, trading at $180.51/share with turnover of $8.06 million, erasing all intraday gains.

On the news front, Citi placed Qualcomm on its 30-day downside catalyst watch list, citing weak smartphone sales growth. This bearish signal offset Goldman Sachs's same-day target price upgrade to $180 from $145, intensifying bull-bear divergence and triggering after-hours selling pressure. Meanwhile, the semiconductor sector broadly weakened overnight, with Micron Technology down 6.73%, Intel down 4.03%, AMD down 2.98%, Broadcom down 2.13%, and NVIDIA down 1.02%, adding further drag on Qualcomm.

Notably, Qualcomm had recently outlined an ambitious AI data center strategy at its investor day, targeting $40 billion in non-handset revenue by fiscal 2029 and receiving multiple target price upgrades from Morgan Stanley, UBS, and Barclays. However, Citi's concern over smartphone demand softness highlights ongoing risks in the company's core mobile business.

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