Group 1 - Qualcomm's stock has declined by 23% in the last month due to growth concerns, despite potential buying opportunities [1] - Bank of America Securities downgraded Qualcomm's stock to "Neutral" from "Buy" with a price target of $155, citing memory supply constraints affecting the handset market [2] - Memory price increases have disrupted inventory plans for smartphone OEMs, particularly in China, and these constraints are expected to last until calendar year 2028 [2] Group 2 - Qualcomm reported a 5% year-on-year revenue growth for Q1 FY26, totaling $12.3 billion, but has faced challenges in the handset market [4][5] - The company anticipates QCT handset revenue to drop to $6 billion for Q2 2026 due to higher memory prices and lower availability [7] - While growth is expected in the QCT IoT and QCT Automotive segments, the handset segment remains crucial for growth and cash flow, with the automotive segment projected to grow by 35% year-on-year in Q2 [8]