On July 28, Qualcomm declined 3.01% in regular trading, trading at $164.54/share, with turnover of $185 million. The decline comes amid broad semiconductor sector weakness and cautious market sentiment ahead of the company's fiscal third-quarter earnings release scheduled for July 29 after market close.

On the news front, Qualcomm recently issued a formal price increase notice to customers, announcing double-digit percentage price hikes on all chip products effective September 1. The company stated it had absorbed rising upstream supply chain costs for several consecutive quarters but can no longer sustain the additional expenditure. Despite efforts to source alternative components, the company was unable to offset the persistent cost escalation trend. The price hike impacts not only smartphones and PCs but also AI glasses, smartwatches, and other wearable markets.

The broader semiconductor sector saw significant selling pressure, with Micron Technology down 9.15%, AMD down 8.15%, SK hynix down 7.62%, Intel down 6.37%, and NVIDIA down 0.99%. Consensus EPS estimate for Qualcomm's upcoming quarter stands at $1.54, with prior revenue guidance of $9.2 billion to $10.0 billion.

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