** Mizuho Securities downgrades Qualcomm QCOM.O to "neutral" from "outperform", cuts PT to $175 from $200

** Cuts PT on Super Micro Computer SMCI.O to $31 from $45

** QCOM down 1.6% at $179.02 premarket, SMCI up marginally

** Brokerage expects QCOM's handset business to face headwinds through calendar 2026, as Apple AAPL.O gradually moves towards in-house chips

** Adds automotive and IoT segments could also face weaker demand in H1 2026 as customers already have elevated inventories

** Says SCMI market share isn't rising; overall AI-server share has dropped from around 30% to 40% in 2023 to ~23% in 2026, and could slip further to ~20% by 2029

** Adds SMCI facing stiff competition from Dell DELL.N and other hyperscalers, pressuring profit margins

** QCOM rose 11.4% in 2025, while SMCI fell ~4%

(Reporting by Arnav Mishra in Bengaluru)

((Arnav.Mishra@thomsonreuters.com;))