Is QUALCOMM’s New Governance And AI Strategy Shift Altering The Investment Case For QCOM?

• In December 2025, QUALCOMM’s board approved amended and restated bylaws that, among other changes, allow shareholders with at least 25% net long ownership to call special meetings, expand the Executive Committee’s authority when the board is not in session, and clarify indemnification, all effective immediately.
• These governance changes arrive alongside QUALCOMM’s push into AI chips, automotive and IoT, plus prospective tax benefits for research-intensive firms, together reshaping how investors assess its growth and risk profile.
• We’ll now examine how QUALCOMM’s AI chip expansion, alongside strengthened shareholder rights, may influence its existing investment narrative and risk balance.

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QUALCOMM Investment Narrative Recap

To own QUALCOMM, you need to believe its shift from a smartphone centric business toward AI, automotive and IoT can offset handset cyclicality and competition. The new bylaws, which enhance shareholder rights and clarify indemnification, are incremental and do not materially alter the key near term catalyst, which is execution on AI chips across devices and data centers. The biggest risk remains that heavy AI and data center investment fails to convert into meaningful, profitable design wins.

The bylaw change empowering 25 percent shareholders to call special meetings matters most alongside QUALCOMM’s push into AI and accelerated computing, because it slightly strengthens investor influence while the company commits substantial capital to unproven growth areas. If AI chip adoption or diversification progress disappoints, more assertive governance tools could become more relevant to how shareholders respond.

Yet investors should also weigh how rising legal and regulatory scrutiny of QUALCOMM’s licensing model could reshape its earnings power and valuation multiple over time...

Read the full narrative on QUALCOMM (it's free!)

QUALCOMM's narrative projects $46.9 billion revenue and $12.2 billion earnings by 2028. This requires 2.7% yearly revenue growth and a $0.6 billion earnings increase from $11.6 billion today.

Uncover how QUALCOMM's forecasts yield a $191.80 fair value, a 8% upside to its current price.

Exploring Other Perspectives

Thirty fair value estimates from the Simply Wall St Community span roughly US$142 to US$300 per share, showing how differently individual investors think about QUALCOMM’s long term potential. As you compare those views, keep in mind that QUALCOMM’s ambitious but still early AI and data center expansion is a key catalyst that could meaningfully influence future business mix and returns, so it is worth weighing several perspectives before forming your own stance.

Explore 30 other fair value estimates on QUALCOMM - why the stock might be worth 21% less than the current price!

Build Your Own QUALCOMM Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your QUALCOMM research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free QUALCOMM research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate QUALCOMM's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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