On June 26, Qualcomm fell 3.06% overnight, trading at $199.22/share, with turnover of $11.22 million. The decline comes one session after the stock surged approximately 11% following its investor day event, as broader semiconductor stocks retreated in overnight trading.

On the news front, U.S. chip stocks saw widespread overnight weakness, with Micron Technology falling nearly 4%, Western Digital and Marvell Technology each declining 2%, and Qualcomm pulling back from its prior session gains. The retreat occurred despite continued positive analyst actions, with UBS raising its Qualcomm target price to $235 and Barclays setting a $245 target on June 26, reflecting optimism around the companys data center strategy unveiled at its investor day.

The prior session rally was driven by Qualcomms announcement of its Dragonfly C1000 data center CPU, strategic orders from Meta and Microsoft Azure, and an upward revision of its fiscal 2029 non-handset revenue target to $40 billion. However, RBC Capital Markets noted that execution risks remain despite the better-than-expected data center opportunity outlined by the company.

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