Qualcomm’s stock has climbed just 8.2% over the past 12 months, significantly lagging the 16% average gain of its semiconductor peers. Investors are closely watching mounting margin pressure—gross margin has slipped by roughly 2 percentage points year-over-year—as higher foundry and R&D costs erode profitability. Exposure to geopolitical headwinds in China remains a risk, with Greater China revenue accounting for an estimated 20% of total sales and facing potential order slowdowns. Meanwhile, intensifying competition from both established chipmakers and agile startups has weighed on Qualcomm’s licensing and chipset businesses, prompting management to reaffirm full-year guidance but caution that near-term growth could remain muted until early 2027.