Qualcomm: The AI Boom's Biggest Casualty

Qualcomm (QCOM) faces margin compression and weak handset demand due to expensive DRAM, as confirmed in Q4 earnings. I maintain a Hold rating on QCOM, noting shares are now cheaper but margin recovery likely won't occur before H2 fiscal 2027. QCOM's data center growth is constrained by memory supply, while automotive remains a bright spot with an $8B annualized run rate.