Qualcomm (QCOM) shares fell 13% in the month through October 22, closing near $173, with the 7% drop on September 28 accounting for much of the decline. Arm (ARM) lost 37% over the same period, compared with a 6% decline in the Nasdaq 100, and the main pressure comes from weak handset demand and Apple-related revenue, which Qualcomm expects to fall about 50% sequentially in the quarter ending in December. Offsets include non-handset revenue up 28% last quarter, record automotive revenue of $1.6 billion, and a target of $5 billion in data center revenue by fiscal 2027. With a forward P/E of about 19x versus a five-year average of 14x, the article suggests holding looks more reasonable than selling after the correction or aggressively buying before the November 4 earnings report. The average price target of $196 implies about 13% upside from the October 22 close.
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