Jose Najarro Stocks on $QCOM (Oct 31, 2026)

AMD's stock fell by about 11%, Qualcomm's by more than 11%, and ARM's by about 10%.

Qualcomm has an opportunity in the field of processors, but not necessarily in server processors yet. Right now, they're kind of entering the Windows market, aren't they? The personal computer market.

But as we hear, the consumer market is very weak. I don't think it will be any different for Qualcomm. Currently, Qualcomm has an opportunity in server processors, but that is expected to be later in 2028.

Here, I think the market is difficult to predict how a particular stock will react. Because if the consumer market is weak, it's not just about personal computers, is it? I expect phones and other consumer products, and consumer technology in general, to be weak as well.

Therefore, I don't think Qualcomm will deliver great results. But it's not always about the results. Rather, it concerns what is to come.

As for Qualcomm, if you are an investor in it, there are some things that may come up that are positive, which may create a good optimistic feeling about the stock price. Certainly, we know that the consumer market will be weak.

If the weakness is less than expected, that in itself may be a positive thing, even if we see a decline.

The other thing is that even though they don't expect opportunities for their central processing units (CPUs) before 2028, if they tell us, for example, "We expect server processors to be an opportunity in 2027," then any small changes like that could benefit the stock.

The last thing is that Qualcomm, despite lacking server processors, has other forms of data center products coming in the second half of this year. If these products are also driven by the current shortage and can help them surpass data center revenues, that could be a reason for the stock price to rise.

For me, Qualcomm is like that if you're looking for a long-term opportunity. The side for computers running Windows will be weak. 2028 could be the year for new servers, something investors would like to hear, but it is still not confirmed.

Qualcomm is sitting at a forward earnings ratio of around 16. This tells me that even if they don't meet expectations, I don't think their value will shrink much. Qualcomm would be my second choice. We also have Qualcomm's earnings next week.