What Changed In Qualcomm's Story?

Qualcomm (QCOM) stock is currently priced at 20.0 times earnings, trading below the 21.9 multiple of the S&P 500. Investors paying that price need a clear understanding of what they are buying, particularly as the company shifts its public priorities. Back in July 2025, executives anchored their presentations on sales targets for automotive and IoT chips, which power connected consumer and industrial devices. By the latest call, those figures had taken a back seat. So what does Qualcomm lead wit