Qualcomm Shares Are Back Near Their 2021 Price—Should Investors Be Worried or Excited?

Core Insights - Qualcomm Inc. is currently trading around $175, which is close to its 2021 closing levels despite a strong rally in recent months [2] - The stock has increased over 40% since April, but still lags behind the euphoric valuations of some semiconductor peers [3] - The market is questioning whether Qualcomm's stock is merely fluctuating within a long range or if it is finally achieving a more sustainable re-rating [3] Group 1 - Qualcomm's stock performance reflects a long reset period, having navigated smartphone cycle volatility, supply chain disruptions, and changing investor expectations [4] - The current rally is characterized by a slow, steady, and sustainable increase, contrasting with the volatile surges typical of short-term peaks [5] - The company's fundamentals have been strong, consistently beating analyst expectations, which has shifted the narrative from stagnation to a focus on rebuilding credibility [6] Group 2 - Despite finishing the year near 2021 price levels, Qualcomm's stock has quietly rallied significantly since April, indicating potential undervaluation according to analyst price targets [7]