On July 2, Qualcomm declined 3.31% in regular trading, trading at $175.92/share with turnover of $775 million, as the broader semiconductor sector faced significant selling pressure.

The decline comes amid a sector-wide downturn, with all major semiconductor names falling sharply. Within the sector, Marvell Technology dropped 6.89%, Micron Technology fell 4.69%, AMD declined 3.90%, Intel lost 2.90%, and NVIDIA slipped 1.22%. The broad-based weakness follows ongoing concerns over AI infrastructure valuation and execution risks.

Qualcomm had surged over 11% on June 25 after its investor day unveiled an ambitious data center strategy targeting $15 billion in revenue by fiscal 2029 and a $5 billion AI data center target for fiscal 2027, with Meta and Microsoft confirmed as key customers. However, Goldman Sachs subsequently maintained a neutral rating with a $145 target price, implying approximately 26.5% downside, citing the need for more evidence of cloud customer orders, product delivery, and revenue realization in a highly competitive data center CPU and AI accelerator market.

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