-5.25% for Qualcomm stock as ByteDance custom AI silicon deal drives selloff

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Qualcomm slides 5.25% today to $194.35

Highlights

NVIDIA CEO Jensen Huang's public endorsement positioned Qualcomm as a mobile device leader, but investor focus quickly shifted due to ByteDance's custom AI chip contract, which is seen as challenging Qualcomm's outlook.
Qualcomm announced a partnership with SLB to deploy edge AI in autonomous energy workflows, expanding its enterprise reach despite ongoing market pressure.
Technical signals remain decisively bearish with Qualcomm trading below key short-term averages and strong downside probability, with an expected range of $170.27 to $218.43 in coming sessions.

NVIDIA backing offset by ByteDance AI deal and new partnerships

On June 9, 2026, NVIDIA CEO Jensen Huang publicly endorsed Qualcomm, specifically recommending the stock to investors and highlighting its leadership position in mobile devices, according to ts2.tech and invezz.com. This headline was quickly overshadowed by reports of a new ByteDance contract for custom AI silicon, which was understood to directly affect Qualcomm's business outlook, as covered by finance.yahoo.com and parameter.io. Additionally, Qualcomm and SLB disclosed a new edge AI partnership for autonomous energy workflows, adding to recent corporate developments, though price action has remained under broader selling pressure.

Oversold signals persist as downside momentum and resistance strengthen

QCOM is trading below the SMA-20 ($209.59) and SMA-50 ($226.85) on the hourly chart, while it remains above SMA-200 ($164.98). The Ichimoku Kijun at $215.55 is acting as immediate resistance. The expected trading range over the next sessions is $170.27 to $218.43, marking $215.55 as a key level for potential upside and $170.27 as major support. On the momentum side, both MACD and ADX indicate ongoing selling strength. The RSI stands at 29.23 and CCI points to a sell signal, both indicating that QCOM is in oversold territory. The Stoch RSI is neutral, and Bull/Bear Power (BBP) shows sellers are in control intraday. Awesome Oscillator (AO) is neutral, highlighting a lack of strong confirmation of the dominant trend.

Downside risks dominate as volatility widens without recovery triggers

In the short term, QCOM is likely to remain within a wide volatility band between $170.27 and $218.43. The probability of further downside is high, with limited chances of recovery unless the stock moves decisively above the $215.55 resistance. Should the price break below the key $170.27 support, a renewed wave of selling could ensue. Conversely, a sustained move above resistance would improve the outlook, but this scenario currently has a low probability.

Anton Kharitonov, expert at Traders Union, sees Qualcomm’s technical picture as weak despite recent high-profile news. He believes negative sentiment from the ByteDance contract and ongoing selling pressure outweigh the NVIDIA endorsement and new collaboration. Trading below major averages and technical indicators point to continued downside risk. "Until QCOM reclaims $215.55, I remain cautious and see limited upside for now."

Earlier, analysts noted that Qualcomm’s stock was under pronounced short-term pressure despite optimism surrounding its AI partnerships and strategic expansions. The latest developments, including both high-profile endorsements and emerging competitive threats, reinforce a cautious outlook, with $215.55 and $170.27 remaining critical levels for monitoring renewed momentum or downside risk in the sessions ahead.

Source of Data: QCOM Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.