TLDR Qualcomm (QCOM) rose 1.6% in morning trading to $179.30. The Nasdaq fell 0.6% and the S&P 500 lost 0.3% over the same stretch. Qualcomm’s multi-year SpaceX deal covers Starlink Mobile’s
Qualcomm (QCOM) stock rose 1.6% in morning trading Thursday to reach $179.30. It moved higher while most of the market moved lower.
The Nasdaq slipped 0.6% and the S&P 500 lost 0.3% in the same window. Qualcomm swam the other way.
The main story is Qualcomm’s multi-year agreement with SpaceX. Qualcomm will supply radio equipment, baseband units and software for Starlink Mobile’s planned 5G network.
QUALCOMM TO POWER SPACEX'S NEW NATIONWIDE 5G NETWORK$SPCX has selected $QCOM to supply the chips and software for Starlink Mobile's terrestrial 5G network, with deployment beginning in 2027 across tens of thousands of U.S. cell sites under a multiyear agreement.
The goal is to… pic.twitter.com/aAd37P7oRa
— Wall St Engine (@wallstengine) November 4, 2026
The company calls it its largest 5G deal to date. SpaceX is building Starlink Mobile to serve customers from both the ground and space.
Qualcomm will equip tens of thousands of 5G cell sites. Deployment starts in 2027.
Elon Musk weighed in on X. He wrote that he is “Excited to be working with Qualcomm on breakthrough technologies for 5G & beyond.”
Qualcomm is also courting the data center crowd. It is pitching itself as a power-efficient alternative to Nvidia for AI inference work.
CEO Cristiano Amon said the market is coming to terms with the pace of the AI infrastructure buildout. Qualcomm is targeting more than $15 billion in data center revenue by fiscal 2029.
A new Linux-based AI desktop operating system, built with Kora Systems, is also being tuned for Snapdragon PCs. The commercial impact is not yet clear.
Qualcomm reported fiscal Q4 results on Nov. 4. Earnings per share came in at $2.17 against estimates of $2.16, and revenue hit $10.44 billion against $10.12 billion expected.
Revenue still fell 8.4% from a year earlier. That follows a 4.0% drop in fiscal Q3 and marks three straight quarters of declines.
The company’s outlook also came in softer than expected. That has kept the stock’s recovery fragile.
Analysts are split. MarketBeat’s consensus rating is Hold, with an average price target of $197.13.
Bernstein kept a Market Perform rating and a $155 target. Barclays analyst Tom O’Malley kept a Sell rating, and a separate report cited a target cut to $150 from $180.
Rosenblatt trimmed its target to $205 from $235 and kept a Buy rating. UBS lowered its target to $180 from $185 with a Neutral rating.
Jefferies Financial Group lifted its stake by 1,650.5% in the third quarter, to a position worth $58.86 million. CEO Amon sold 10,000 units of stock at $200 in September under a pre-arranged plan.
Qualcomm also declared a quarterly dividend of $0.92 per share, payable Dec. 17 to holders of record on Dec. 3. That works out to a yield of about 2.1%.
ETFs bought $293.8 million of Qualcomm stock on Nov. 9, with 35 funds buying and 17 selling.
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