Shares of Qualcomm (QCOM) fell 11% on Friday, with the stock last trading at $164.79, down from the prior session's close of $185.41. The session low was $161.72, while Investing.com reported a midday decline of 11.7% to $163.75. The move came as semiconductor stocks sold off across the board.

Trading activity was heavy, with about 23.9 million shares changing hands during the session, 59% above the average session volume of 15.1 million.

Intel set the tone for the sector's declines after reporting results on October 29, with its own stock dropping roughly 29% in the aftermath.

Intel Guidance Pressures Chip Stocks

Intel guided fourth-quarter revenue to a range of $15 billion to $16 billion, falling short of the approximately $17 billion that Wall Street had been expecting. The company also projected adjusted earnings of $0.25 per share for the quarter, a decline from the $0.52 it posted in the third quarter. Management said the PC slowdown could last through the first half of 2027, pointing to rising memory costs and inventory cuts by PC makers as contributing factors. Arm, Marvell, and Broadcom shares also fell sharply during the session. The widespread declines showed how tightly chip stocks trade around shared end-market signals such as PC demand and memory costs.

Qualcomm faced company-specific developments of its own. The company finalized a multi-year patent licensing agreement with Huawei under which Qualcomm will pay Huawei for its patents, a reversal of the usual arrangement in which Qualcomm collects the licensing fees. According to reports, the deal introduces new cost questions for Qualcomm's licensing unit.

Qualcomm is also heading back to court against Arm Holdings. The legal dispute involves claims of withheld chip-testing tools and leaked deal threats.

Analyst Views and Technical Levels

The stock now trades below its 50-day moving average of $177.75 and sits just under its 200-day average of $169.46, levels many traders watch as gauges of short- and long-term trend. According to MarketBeat, analysts assign the stock an average rating of Hold, with an average price target of $205.83. Of the analysts covering the stock, three rate it Strong Buy, 12 rate it Buy, 21 rate it Hold, and three rate it Sell.

In its July quarter, Qualcomm reported revenue of $9.95 billion, which came in above the $9.69 billion estimate, while earnings per share of $2.21 missed the $2.23 estimate.

On the insider activity front, Executive Vice President Ann Chaplin sold $319,268 worth of stock on October 16 at a price of $174.75 per share under a pre-arranged trading plan. In total, insiders have sold $6.2 million worth of shares over the last three months.

The broader market also finished lower. The Nasdaq Composite closed down 2.86%, the S&P 500 fell 1.82% to 7,580.07, and the Dow slipped 1.09%.

Qualcomm is scheduled to report fiscal fourth-quarter results on November 4, a date that now serves as the sector's next scheduled checkpoint after the broad decline. The company's own guidance already points to lower revenue and earnings per share than in the year-ago period, and the PC-demand concerns Intel flagged give investors a concrete theme to track when the results arrive.