On July 29, Qualcomm fell 3.06% in regular trading, trading at approximately $158.23 per share, with turnover of $5.79 billion. The decline came as the broader semiconductor sector sold off ahead of the company's fiscal third-quarter earnings report scheduled for after market close.

On the news front, Qualcomm had formally notified customers of a double-digit percentage price increase on all chip products effective September 1, stating the company can no longer absorb rising upstream supply chain costs after doing so for several consecutive quarters. Despite efforts to source alternative components, the company has been unable to offset the persistent cost escalation. UBS previously cut its price target on Qualcomm from $235 to $190, maintaining a neutral rating.

While positive developments emerged on the same day — BMW selected Qualcomm as its chip supplier for next-generation digital cockpit and automated driving systems, and the company completed its acquisition of Modular — market concerns over earnings uncertainty and margin pressure from rising costs dominated sentiment. Major sector peers also declined, with AMD down 5.44%, Micron down 4.78%, Intel down 3.35%, and NVIDIA down 2.97%.

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