Qualcomm After Q3: Can Snapdragon’s AI Push and Automotive SoCs Turn a Seasonal Phone Slowdown into Durable Growth?
Qualcomm’s latest quarter delivered a clear message to investors: the company is no longer just a handset supplier riding the smartphone cycle. A top- and bottom-line beat, stronger-than-expected guidance, and visible momentum in automotive systems-on-chip (SoCs) arrived alongside an ambitious AI roadmap that now stretches from on-device inference in phones and PCs to full-rack data center accelerators slated for 2026–2027. The numbers matter in the short run; the strategy matters for the multiple. Yet the broader market has become unforgiving toward AI spending from companies outside the hyperscaler club. In a week when AI-linked leaders shed more than $820 billion in market value, investors have demanded monetization clarity and tangible proof points. For Qualcomm, the question is whether its Snapdragon edge-AI franchise and accelerating automotive pipeline can offset smartphone seasonality and the looming Apple modem roll-off—and do so with margins resilient enough to support durable, multi-year growth.