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- Qualcomm - My Next Favourite
Qualcomm - My Next Favourite
A wireless chipmaker Qualcomm (QCOM) with a currently more than $125 billion of market caps announced that it reached the agreement with Apple to provide Qualcomm -designed Snapdragon® 5G modem systems for Apple gadget releases in 2024, 2025, and 2026. This is very encouraging, so that QCOM share price quickly added nearly 10% this Monday and tried to extend the gains during the next day. QCOM peaked at $112.70 per share. In case of an ultimate breakthrough beyond this primary technical resistance, I see a buy opportunity, keeping in mind a possible target range above $120 per share.
The deal strengthened business positioning of Qualcomm soon after some analysts expressed their concerns that Apple is going to move towards its own production of chipsets, yet now it became clear that the iPhone-maker continues to use Qualcomm's modems. At the same time, the shares of Qualcomm have been very volatile in the previous months, especially after the crowd was rather disappointed with the company's early August forecast for the rest of 2023. This led QCOM prices to a plunge towards $105.50 from the area of $130.
Over the last year, Qualcomm's shares have had 13 moves greater than 5%, including last week's drop by 6% together with a 7.5% decline of Apple stocks, when China's authorities expanded their ban on foreign technologies to Apple devices. That's why it would be better s an investor to have at least one more technical confirmation that the market is seemingly ready to pick up more QCOM stocks at higher prices, despite some growing uncertainty around Apple stock dynamics.
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