Qualcomm (NASDAQ: QCOM) shares rose more than 3% in premarket trading Friday after Alphabet disclosed a stake of nearly 3 million shares in the chipmaker, valued at $547.9 million as of September. The position was reported in Alphabet’s latest 13F filing.

QCOM opened at $156.75, well below its 50-day moving average of $178.09. The filing reflects Alphabet’s holdings at the end of September rather than a live position count. As a quarterly disclosure, it also does not indicate when Alphabet acquired the shares or whether the position remained unchanged after the reporting date.

The disclosure was reported in the following X post:

ALPHABET REPORTS A STAKE OF ABOUT 3 MILLION QUALCOMM $QCOM SHARES, WORTH $548 MILLION AT THE END OF SEPTEMBER, IN ITS LATEST 13F FILING pic.twitter.com/AyTjHJXMpf — Wall St Engine (@wallstengine) November 6, 2026

The same filing showed that Alphabet increased its SpaceX position to about 555 million units, up from 551.2 million. Separately, Qualcomm CEO Cristiano Amon sold 10,000 Qualcomm units at $200 each on Sept. 25.

Qualcomm’s Fiscal Fourth-Quarter Results

Qualcomm reported fiscal fourth-quarter results Wednesday. Revenue reached $10.44 billion, exceeding the $10.12 billion estimate. Adjusted earnings were $2.17 per share, one cent above the $2.16 consensus. A year earlier, the company reported earnings of $3.00 per share.

Revenue declined 8.4% from the same quarter a year earlier. Lower handset demand, including reduced Apple-related revenue, weighed on the results. Smartphone chip sales came in below expectations, while Qualcomm forecast better-than-expected revenue for its relatively new data-center business. The results therefore highlighted two different operating trends: weakness in the established handset business and a more favorable outlook for data-center revenue.

SpaceX also selected Qualcomm’s Dragonwing platforms for Starlink Mobile’s planned U.S. 5G network. The agreement runs for multiple years.

Analyst Ratings and Institutional Activity

Rosenblatt lowered its price target for Qualcomm to $205 from $235 while maintaining a buy rating. Susquehanna reduced its target to $165 from $185 and kept a neutral rating. UBS and JPMorgan moved to neutral, while TD Cowen maintained its buy rating.

MarketBeat lists a consensus rating of Hold and a $197.55 price target. The breakdown comprises three Strong Buy ratings, 12 Buy ratings, 21 Hold ratings and three Sell ratings.

Boston Trust Walden reduced its Qualcomm position by 15.3% during the third quarter. It sold 28,249 units and ended the period with 156,865 units valued at approximately $28.9 million. Insiders sold 30,258 units worth $5.73 million over the past 90 days.

Qualcomm has a market capitalization of $167.38 billion. Its next dividend is $0.92 per share, payable Dec. 17 to shareholders of record on Dec. 3. The payment represents an annual yield of 2.3%.

Future Qualcomm results will provide updated information on handset demand and the company’s data-center business, while subsequent 13F filings can show whether Alphabet’s reported position changed by the next reporting date.

Source: CoinCentral

Original X post: https://x.com/wallstengine/status/2118663505536757859?ref_src=twsrc%5Etfw