QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on 3G/4G/5G and other technologies for use in wireless voice and data communications, networking, computing, multimedia, and position location products. The QTL segment grants licenses or provides rights to use portions of its intellectual property portfolio, which include various patent rights useful in the manufacture and sale of wireless products comprising products implementing CDMA2000, WCDMA, LTE and/or OFDMA-based 5G standards and their derivatives. The QSI segment invests in early-stage companies in various industries, including 5G, artificial intelligence, automotive, consumer, enterprise, cloud, IoT, and extended reality, and investments, including non-marketable equity securities and, to a lesser extent, marketable equity securities, and convertible debt instruments. It also provides development, and other services and related products to the United States government agencies and their contractors. The company was incorporated in 1985 and is headquartered in San Diego, California.

QUALCOMM appears to be a high-quality business, but the current valuation already reflects a significant portion of its strengths. The picture across multiples is mixed: P/E is noticeably below the industry median, and P/FCF also looks moderate, which supports the valuation; however, P/S and especially P/B are materially above industry benchmarks, indicating that the stock is expensive relative to revenue and book value. The trend in the multiples does not look unequivocally improving: P/E and P/FCF have fluctuated, while P/B remains persistently high, so the market is paying a premium for quality, but not for clear acceleration. Profitability is very strong: ROE, ROA, ROI, and return on tangible equity are significantly above the industry median, confirming high capital efficiency. At the same time, profit margin and operating margin are also materially above the industry, although operating margin has declined from higher levels over the years, which slightly tempers the optimism. Gross margin remains high and relatively stable, but without a noticeable improvement, so this is more a sign of resilience than a driver of re-rating. The liquidity profile is acceptable: the current ratio is above 2, but the quick ratio is lower, meaning there is a cushion, though it is not ideal in terms of the most liquid assets. Leverage is moderate in absolute terms, however debt/equity is above the industry median, and long-term debt remains substantial, which limits the potential for multiple expansion. Dividend yield is weak and was effectively absent in the latest period, so the dividend factor does not support the investment case. Financial momentum in revenue, EBITDA, operating income, and net income in recent periods looks weaker than in the stronger quarters of last year, meaning the business is not showing sustained acceleration. At the same time, assets and equity remain large and relatively stable, which points to a solid base but not rapid value creation. Overall, the fundamentals point to strong profitability and high capital quality, but also to an expensive valuation on revenue and book-value multiples and some loss of momentum in operating performance. For an investor, this implies a cautiously positive, but not aggressive, view: the company deserves a premium to the market, but the current outlook looks somewhat stretched relative to the latest business trends and the balance of risks.

QUALCOMM Incorporated

Сильный индекс, незначительно упал. Быки в растерянности.

Strong index, slightly down. The bulls are confused.

Сильный индекс, без изменений. Медведи в растерянности.

Strong index, flat. The bears are confused.

Сильный индекс, без изменений. Рынок на стороне быков.

Strong index, flat. The market is on the bulls' side.

Сильный индекс, незначительно упал. Рынок не поддерживает медведей.

Strong index, slightly down. The market does not support the bears.

Слабый индекс, незначительно упал. Приток средств в лонги остался положительным, но снизился.

Weak index, slightly down. The inflow of funds into longs remained positive, but decreased.

Слабый индекс, незначительно вырос

QCOM remains a highly profitable company with strong ROE/ROA and a moderate P/E, but it is somewhat expensive on P/B and P/S, while recent earnings and revenue momentum has weakened.

The S&P 500 Index ($SPX) (SPY) is up by +0.57% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.52%. December E-mini S&P futures (ESZ26) are up +0.58%, and December E-mini Nasdaq futures (NQZ26) are up +1.51%.
Stock indexes are mostly higher today, with chipmakers and AI-infrastructure stocks leading the broader market higher after last week’s selloff. Earnings optimism is lifting stocks ahead of this week's earnings results from Meta Platforms, Tesla, and Netflix. Also, weaker crude oil prices today have improved market sentiment and are supportive of stocks.
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On the downside, homebuilders are under pressure after today’s US economic news showed the Oct NAHB housing market index fell 3 points to a 14-year low of 29, below expectations of 31.
Mostly better-than-expected Chinese economic news is positive for global growth prospects and stocks. China Q3 GDP rose +1.2% q/q and +4.5% y/y, stronger than expectations of +1.0% q/q and +4.4% y/y. Also, China's Sep industrial production rose +5.5% y/y, right on expectations and the largest increase in 6 months. In addition, China's Sep retail sales rose +1.1% y/y, stronger than expectations of +0.5% y/y and the largest increase in 6 months. Finally, China's Sep surveyed jobless rate unexpectedly fell -0.1 to 5.2%, below the expected 5.3% and signaling a stronger labor market. On the downside, China's Sep new home prices fell -0.14% m/m, the fortieth consecutive month of declines.
Stocks have support from the prospect of solid quarterly earnings results. According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of today, 45 of the S&P 500 companies have reported results, with 80% beating estimates.
Nov WTI crude oil prices (CLX26) are moving lower today on some profit-taking after last week's rally to a 5-week high. US Energy Secretary Wright said Persian Gulf oil flows have recovered to about 80% of their pre-war level, though refined-product shipments remain constrained. Crude oil prices have underlying support from concerns about disruptions to Middle Eastern energy supplies after Houthi rebels in Yemen targeted Yanbu in Saudi Arabia, a significant Red Sea port for Saudi oil exports that avoids the Strait of Hormuz, with missiles and drones. Also, the UK Maritime Trade Operations reported that two tankers were attacked in the Persian Gulf near Saudi Arabia's port city of Jubail over the weekend.
Markets are discounting a 17% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 fell to a 1-week low today and is down -1.18%. China's Shanghai Composite closed up +0.39%. Japan's Nikkei-225 Stock Average fell to a 1-month low and closed down -0.62%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -4 ticks. The 10-year T-note yield is up +3.2 bp to 5.127%. Today’s stock rally has reduced safe-haven demand for government debt, weighing on T-notes. Losses in T-notes are limited amid some safe-haven buying due to the social unrest in France. Weaker WTI crude oil prices today are also lowering inflation expectations and supporting T-notes.
European government bond yields are moving higher today. The 10-year German bund yield is up +3.6 bp to 3.462%. The 10-year UK gilt yield is up +5.7 bp to 5.430%.
The German Bundesbank said in a report today that "inflation risks in the Eurozone are clearly tilted to the upside."
Markets are discounting an 8% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are moving higher today, recovering some of last week’s rout. The iShares Semiconductor ETF (SOXX) is up more than +2%. SanDisk (SNDK) is up more than +6% to lead gainers in the S&P 500 and Nasdaq 100, and Western Digital (WDC) is up more than +6%. Also, Marvell Technology (MRVL) is up more than +5%, and Intel (INTC), Seagate Technology Holdings Plc (STX), Lam Research (LRCX), and Micron Technology (MU) are up more than +4%. In addition, Advanced Micro Devices (AMD) and Applied Materials (AMAT) are up more than +3%, and Analog Devices (ADI), KLA Corp (KLAC), Broadcom (AVGO), and Qualcomm (QCOM) are up more than +2%.
The Magnificent Seven stocks, excluding Meta, are up today, supporting broader market gains. Amazon.com (AMZN) is up more than +4% to lead gainers in the Dow Jones Industrials, and Tesla (TSLA) is up more than +3%. Also, Nvidia (NVDA), Alphabet (GOOGL), and Microsoft (MSFT) are up more than +1%. In addition, Apple (AAPL) is up +0.14%. Conversely, Meta Platforms (META) is down -0.87%.
Cloud infrastructure stocks are climbing today. Applied Digital (APLD) is up more than +8%, and Nebius Group NV (NBIS) and Lumentum Holdings (LITE) are up more than +3%. Also, CoreWeave (CRWV) and Arista Networks (ANET) aew up more than +2%, and Oracle (ORCL) is up more than +1%.
Home builders and building supplies are slipping today after the US Oct NAHB housing market index fell more than expected to a 14-year low. DR Horton (DHI) and Pulte Group (PHM) are down more than -2%, and Lennar (LEN), KB Home (KBH), Toll Brothers (TOL), and Builders Firstsource (BLDR) are down more than -1%.
Disc Medicine (IRON) is up more than +39% after announcing that its investigational drug bitopertin met all primary and secondary endpoints in a Phase 3 Apollo trial in adults and adolescents with erythropoietic protoporphyria.
Cleveland Cliffs (CLF) is up more than +13% after reporting Q3 adjusted Ebitda of $612 million, above the consensus of $591.5 million.
Datadog (DDOG) is up more than +5% after Bernstein upgraded the stock to outperform from market perform with a price target of $350.
NRG Energy (NRG) is down more than -5% to lead losers in the S&P 500 after Jeffries cut its price target on the stock to $131 from $160.
Ameriprise Financial (AMP) is down more than -3% after Bank of America Global Research double-downgraded the stock to underperform from buy with a price target of $445.
Earnings Reports (10/19/2026)
AGNC Investment Corp (AGNC), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), Fifth Third Bancorp (FITB), FNB Corp/PA (FNB), RLI Corp (RLI), Steel Dynamics Inc (STLD), W R Berkley Corp (WRB), Western Alliance Bancorp (WAL), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Strength in Chipmakers and AI-Infrastructure Stocks Lead the Broader Market Higher

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the State Street Technology Select Sector SPDR ETF (Symbol: XLK) where we have detected an approximate $444.6 million dollar inflow -- that's a 0.4% increase week over week in outstanding units (from 657,311,794 to 659,661,794). Among the largest underlying components of XLK, in trading today International Business Machines Corp (Symbol: IBM) is off about 0.5%, Qualcomm Inc (Symbol: QCOM) is off about 1.2%, and Dell Technologies Inc (Symbol: DELL) is lower by about 2.3%. For a complete list of holdings, visit the XLK Holdings page » The chart below shows the one year price performance of XLK, versus its 200 day moving average:
Looking at the chart above, XLK's low point in its 52 week range is $126.68 per share, with $203.25 as the 52 week high point — that compares with a last trade of $186.30. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further XLK Research:

XLK, IBM, QCOM, DELL: Large Inflows Detected at ETF

Semiconductor stocks are soaring in 2026.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
*Stock prices used were the afternoon prices of Oct. 9, 2026. The video was published on Oct. 11, 2026.
Should you buy stock in Marvell Technology right now?
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Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Marvell Technology and Qualcomm. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Best Semiconductor Stocks to Buy in October: Marvell vs. Qualcomm

The S&P 500 Index ($SPX) (SPY) is down by -0.07% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.42%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.69%. December E-mini S&P futures (ESZ26) are down -0.05%, and December E-mini Nasdaq futures (NQZ26) are down -0.65%.
Stock indexes are mixed today, with the Dow Jones Industrials posting a 2.5-week high. The broader market is under pressure from higher crude oil prices, with WTI crude up more than +2% today on concerns about escalating tensions in the Middle East after repeated Houthi attacks on Saudi Arabia from neighboring Yemen. Weakness in chipmakers and AI-infrastructure stocks is also weighing on the overall market today.
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Stocks have support from the prospect of solid quarterly earnings results that will begin this week. Goldman Sachs today raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” Also, strength in software stocks and energy producers is supportive of the overall market.
Market activity may be below normal, as the cash Treasury market is closed today for the Columbus Day bank holiday.
According to data compiled by Bloomberg Intelligence, Q3 S&P 500 profits are expected to climb by +25% from a year earlier, up from a July estimate of 22%. Q3 earnings season begins this week when US money center banks report.
Nov WTI crude oil prices (CLX26) are up more than +2% today after Iran-backed Houthi rebels in Yemen launched drone and missile attacks against Saudi Arabia over the weekend, raising the risk of escalation that could draw the US into the conflict. Also, there's been a recent escalation of drone and missile attacks against vessels traversing the Strait of Hormuz, limiting energy exports from the region. Limiting gains in crude are the prospects of Russia releasing diesel supplies into theglobal marketafter the US Treasury issued a waiver for previously sanctioned Russian fuel. Last Friday, Russia said it will partially lift its ban on diesel exports, allowing 500,000 MT of diesel fuel to reach international markets following an agreement between Russian President Putin and US President Trump.
Markets are discounting a 19% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.44%. China's Shanghai Composite closed down -0.43%. Japan's Nikkei-225 Stock Average did not trade, as Japanese markets were closed today for the Health Sports Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -2.5 ticks today. The 10-year T-note yield is not trading today, as the cash Treasury market is closed for the Columbus Day bank holiday. Dec T-notes are under pressure today as higher crude oil prices raise inflation expectations.
European government bond yields are mixed today. The 10-year German bund yield is down -0.5 bp to 3.476%. The 10-year UK gilt yield is up +0.1 bp to 5.444%.
ECB Governing Council member Yannis Stournaras said the ECB may raise interest rates again to curb inflation but without rushing any action, suggesting an ECB rate hike this month is less likely than one in December.
Markets are discounting a 13% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are sliding today, weighing on the overall market. Lumentum Holdings (LITE) is down more than -7% to lead losers in the S&P 50 and Nasdaq 100, and Sandisk (SNDK) is down more than -6%. Also, Micron Technology (MU) and Marvell Technology (MRVL) are down more than -4%, and Advanced Micro Devices (AMD), ARM Holdings (ARM), Intel (INTC), and Seagate Technology Holdings Plc (STX) are down more than 3-%. In addition, Lam Research (LRCX), KLA Corp (KLAC), Microchip Technology (MCHP), and Western Digital (WDC) are down more than -2%, and Applied Materials (AMAT), Broadcom (AVGO), and Qualcomm (QCOM) are down more than -1%.
Software stocks are climbing today, led by a +2% jump in Salesforce (CRM) to lead gainers in the Dow Jones Industrials after Bank of America Global Research double-upgraded the stock to buy from underperform with a price target of $285. Also, Workday (WDAY) is up more than +2%, and ServiceNow (NOW), Intuit (INTU), and Microsoft (MSFT) are up more than +1%.
Energy producers and service providers are moving higher today, with WTI crude oil up more than +2%. Diamondback Energy (FANG) is up more than +2%, and APA Corp (APA), Chevron (CVX), ConocoPhillips (COP), Devon Energy (DVN), ExxonMobil Holdings (XOM), and Occidental Petroleum (OXY) are up more than +1%.
IonQ (IONQ) is down more than -8% after agreeing to buy Elisity Inc. for as much as $1.3 billion in an all-stock transaction.
Chipotle Mexican Grill (CMG) is down more than -4% after Starbucks said it has no plans to acquire the company.
Enact Holdings (ACT) is down more than -1% after JPMorgan Chase downgraded the stock to underweight from neutral with a price target of $44.
Adobe (ADBE) is down more than -1% after Wells Fargo Securities double-downgraded the stock to underweight from overweight with a price target of $225.
First Tracks Biotherapeutics (TRAX) is up more than +6% after reporting topline results from an early-stage trial of its experimental therapy for celiac disease.
AST SpaceMobile (ASTS) is up more than +4% after Deutsche Bank upgraded the stock to buy from hold with a price target of $93.
Biogen (BIIB) is up more than +3% after JPMorgan Chase upgraded the stock to overweight from neutral, with a price target of $300.
Earnings Reports (10/12/2026)
Liberty Live Holdings Inc (LLYVA) and SR Bancorp Inc (SRBK).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Pressured by Rising Crude Prices and Chipmaker Weakness

For Immediate Release
Chicago, IL – October 12, 2026 – Today, Zacks Investment Ideas feature highlights Qualcomm QCOM, Alphabet GOOGL, Tesla TSLA, Advanced Micro Devices AMD, Amazon AMZN, Taiwan Semiconductor (TSMC), NVIDIA NVDA, Intel INTC, Apple AAPL, Broadcom AVGO and SpaceX SPCX.
Record Profits at Samsung & TSMC Say the AI Trade Is Intact
Despite a questionable macro economy and soaring energy prices, equity markets have been buoyed by the massive, unprecedented artificial intelligence buildout. Just how impactful has the AI revolution been for the U.S. economy and stock market?
The massive wave of CAPEX spending on data centers, graphics processing units (GPUs), and energy has accounted for more than a quarter of total U.S. GDP growth, and now dwarfs every other major American infrastructure boom, including the Interstate Highway System, the Apollo space program, and the 19th-century railroad expansion. In other words, Wall Street's big question is: "How sustainable is AI spending?" The answer matters not only to the AI industry, but also for the U.S. economy and stock market as a whole.
Below are three clues that AI spending is sustainable for the foreseeable future, including:
Samsung's Record Profit
Samsung Electronics is the world's largest memory manufacturer. AI data centers have driven insatiable demand for memory over the past few years. Last night, Samsung's earnings gave investors clues about AI spending. Samsung reported the most profitable quarter ever by any company ($80.2 billion). Samsung's main customers include Qualcomm, Alphabet, Tesla, Advanced Micro Devices and Amazon.
Taiwan Semiconductor Reports Record Revenue
Memory makers aren't the only ones showing that AI growth remains scorching-hot. Taiwan Semiconductor, the world's largest manufacturer of AI chips, reported record Q3 revenue of $46.7 billion, up 50% year over year. TSM is a critical AI company to watch because it produces over 60% of all global contract chips and over 90% of advanced chips. NVIDIA, AMD, QCOM, Intel, Apple and Broadcom are all TSM customers.
SpaceX Raises Money for Compute
Earlier this week, SpaceX announced it will raise $40 billion in debt to buy NVIDIA chips as it scales its AI compute. Although investors often frown upon debt offerings, SpaceX's compute economics are mind-boggling. For every dollar SpaceX spends bringing on AI compute, it's payback period is well under one year, thanks to lucrative deals with Google and Anthropic. In other words, SpaceX is proving that n AI compute investing not only makes sense, but the economics are also extremely attractive.
Bottom Line
The sustainability question about the AI infrastructure buildout has been answered. Recent news from Samsung, TSMC, and SpaceX suggests record CAPEX spending will continue.
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Zacks Investment Ideas feature highlights: Qualcomm, Alphabet, Tesla, AMD, Amazon, Taiwan Semiconductor, NVIDIA, Intel, Apple, Broadcom and SpaceX

This business is one the cusp of capitalizing on the AI opportunity.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
*Stock prices used were the afternoon prices of Oct. 8, 2026. The video was published on Oct. 10, 2026.
Should you buy stock in Qualcomm right now?
Before you buy stock in Qualcomm, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Qualcomm wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $379,123!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,408,822!*
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*Stock Advisor returns as of October 10, 2026.
Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Qualcomm. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

1 Ridiculously Cheap Semiconductor Stock I Just Bought

Key Points
The U.S. remains the global leader in technology.
Many of the top semiconductor companies in the U.S. design chips, while other markets dominate manufacturing.
The Vanguard Total World Stock ETF offers more diversification with a marginally higher fee than the Vanguard S&P 500 ETF.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) is the largest exchange-traded fund (ETF) in the world -- having surpassed $1 trillion in net assets earlier this year. With just a 0.03% expense ratio, or $3 for every $10,000 invested, it provides a low-cost way to invest in the S&P 500 (SNPINDEX: ^GSPC).
An S&P 500 index fund is a simple, hands-off way to own a basket of companies that can perform well over the long term. The strategy has been effective historically -- producing annualized total returns of 9% to 10%. And even Warren Buffett has put some of Berkshire Hathaway's capital to work in the Vanguard S&P 500 ETF in the past.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
However, like any index, the S&P 500 has qualities that may not appeal to some investors, such as its focus on U.S. large-cap stocks and its slow pace in adding recently public companies, regardless of their value.
Here's why the Vanguard Total World Stock ETF (NYSEMKT: VT) may be a better buy for some investors than the Vanguard S&P 500 ETF.
SpaceX likely won't join the S&P 500 until June 2027
On June 4, S&P Dow Jones Indices rejected a proposal to fast-track the inclusion of megacap companies in the S&P 500 -- which applies to companies like Space Exploration Technologies (NASDAQ: SPCX), and likely Anthropic and OpenAI when they go public. So even if a company accumulates significant value in private markets, it must still be traded on an eligible exchange, such as Nasdaq or the New York Stock Exchange, for at least 12 months before being considered for inclusion in the S&P 500.
The ruling means that the earliest SpaceX can be added to the S&P 500 (and funds that track the index like the Vanguard S&P 500 ETF) is June 2027. Anthropic is expected to go public in November. And OpenAI's initial public offering isn't expected until early next year, meaning it won't be included in the S&P 500 until early 2028.
The Vanguard Total World Stock ETF isn't benchmarked to the S&P 500. So it began buying SpaceX in June -- albeit gradually. As of Aug. 31, the ETF holds 453,258 shares of SpaceX, making it the 261st largest holding. However, the ETF will likely add to its SpaceX holdings as more shares become available for trading on Nasdaq, according to SpaceX's unlocking schedule.
The Vanguard Total World Stock ETF has 10,088 holdings
The Vanguard Total World Stock ETF has over 10,000 holdings, with 65.1% of the fund in North American companies simply because of how large the U.S. stock market is.
However, demand for artificial intelligence (AI) chips has led to a surge in valuations for many technology stocks that aren't U.S. companies. Taiwan Semiconductor Manufacturing (NYSE: TSM) is now the fund's sixth-largest holding with a market cap of $2.35 trillion at the time of this writing. Samsung Electronics (OTC: SSNLF) is 13th, and SK Hynix (NASDAQ: SKHY) is 16th -- both with market caps over $1.2 trillion. And ASML (NASDAQ: ASML) is 18th with a $686 billion market cap. All four semiconductor companies play critical roles in the AI value chain -- especially in chip manufacturing and memory chip design.
Taiwan Semiconductor is a pure-play semiconductor foundry that manufactures chips for customers like Nvidia, Advanced Micro Devices, Broadcom, Apple, and Qualcomm.
Samsung Electronics and SK Hynix design and manufacture their own chips and hold a dominant share of the memory chip market alongside Micron Technology, a U.S. company.
ASML is a Dutch company that makes lithography systems that are used to print intricate designs onto microchips. Taiwan Semiconductor, Samsung Electronics, SK Hynix, and Intel rely on these specialized machines to produce next-generation AI logic and memory chips.
Ultimate diversification for a mere 0.06% expense ratio
Investors looking for exposure to the world's leading companies rather than just U.S. large-cap stocks may want to put their hard-earned savings to work in the Vanguard Total World Stock ETF over the Vanguard S&P 500 ETF. The World ETF includes a blend of industry-leading non-U.S. stocks. And because of the added diversification, it is less concentrated than the S&P 500 ETF.
The Vanguard S&P 500 ETF has 30% of its weighting in just five stocks -- Nvidia, Apple, Alphabet, Microsoft, and Amazon. Whereas the Vanguard Total World Stock ETF has the identical five largest holdings, but has a lower weighting in each of those holdings. In fact, it has just 28.4% invested in its 20 largest holdings, which include Taiwan Semiconductor, Samsung Electronics, SK Hynix, and ASML.
And to top it all off, the Vanguard Total World Stock ETF has a 0.06% expense ratio, or just $6 for every $10,000 invested -- ensuring investors' long-term gains aren't stymied by a steep fee structure.
Should you buy stock in Vanguard International Equity Index Funds - Vanguard Total World Stock ETF right now?
Before you buy stock in Vanguard International Equity Index Funds - Vanguard Total World Stock ETF, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Vanguard International Equity Index Funds - Vanguard Total World Stock ETF wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $379,123!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,408,822!*
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*Stock Advisor returns as of October 10, 2026.
Daniel Foelber has positions in ASML, Broadcom, and Nvidia. The Motley Fool has positions in and recommends ASML, Advanced Micro Devices, Alphabet, Amazon, Apple, Berkshire Hathaway, Broadcom, Intel, Micron Technology, Microsoft, Nvidia, Qualcomm, Taiwan Semiconductor Manufacturing, and Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.

VOO Doesn't Hold SpaceX, Taiwan Semiconductor, Samsung Electronics, SK Hynix, or ASML. Meet the Vanguard ETF That Does.

Key Points
Qualcomm maintains a strong presence in the global smartphone market while successfully expanding its reach into artificial intelligence and automotive sectors.
Taiwan Semiconductor Manufacturing dominates the global foundry market, producing the advanced processors that power most of the world's high-end technology.
Which semiconductor stock deserves a spot in your portfolio?
As the race for dominance in artificial intelligence intensifies, choosing the right chip company remains a priority. Investors are weighing Qualcomm (NASDAQ:QCOM) against Taiwan Semiconductor Manufacturing (NYSE:TSM) to lead their portfolios in 2026.
Qualcomm is a leader in mobile communications, designing the essential processors found in most premium smartphones. Taiwan Semiconductor Manufacturing operates as a foundry, manufacturing the physical chips that other companies design. While both are critical to the tech industry, they occupy very different positions within the global semiconductor supply chain.
The case for Qualcomm
Qualcomm primarily designs and licenses wireless technologies and computing platforms. Its Snapdragon processors power high-end mobile devices, and the company is also expanding into the automotive and artificial intelligence markets. Customer concentration like this adds a layer of risk to the business, as revenue depends heavily on Apple (NASDAQ:AAPL), Samsung, and Xiaomi (OTC:XIACF). The company recently entered into a multi-year partnership with Amazon (NASDAQ:AMZN) to provide custom artificial intelligence chips and optical networking solutions for data centers.
In its latest annual report covering FY 2025, revenue reached nearly $44.3 billion, up from roughly $39.0 billion in the previous year. Net income for the period was close to $5.5 billion. While revenue grew by approximately 13.7%, the net margin, which measures the percentage of revenue kept as profit, was about 12.5%. This follows a period of growth where the company benefited from the global rollout of 5G infrastructure.
As of its September 2025 balance sheet, the debt-to-equity ratio was roughly 0.8x, meaning total debt is slightly less than shareholder equity. The current ratio, a measure of a company's ability to pay short-term obligations, was nearly 2.8x. Free cash flow, which is cash from operations minus capital spending, reached approximately $12.8 billion during the fiscal year. These figures suggest the company maintains a stable financial foundation while investing in new growth areas.
The case for Taiwan Semiconductor Manufacturing
Taiwan Semiconductor Manufacturing is the world's largest pure-play foundry, meaning it focuses solely on building chips for other designers rather than selling its own. This position makes it a cornerstone among semiconductor stocks, serving industries from high-performance computing to automotive. By staying neutral and not competing with its customers, the company has secured a dominant market share in advanced manufacturing nodes.
In FY 2025, revenue reached nearly $121.3 billion, representing a massive 33% increase over the previous year. Net income for the fiscal year climbed to approximately $54.7 billion. This resulted in an exceptionally high net margin of roughly 45.1%, highlighting the profitability of its specialized manufacturing services. This growth is largely driven by the increasing demand for high-end processors used in artificial intelligence applications.
Based on its December 2025 balance sheet, the debt-to-equity ratio was approximately 0.2x. This indicates a very conservative capital structure, with total debt well below shareholders' equity. The current ratio was nearly 2.5x, and free cash flow for the year was roughly $34.6 billion after accounting for significant capital investments in new factories. These investments are necessary to maintain its technological lead over other chip manufacturers.
Risk profile comparison
Qualcomm faces risks from its heavy revenue concentration among a few large smartphone manufacturers. Some of these customers, including Apple, are actively designing their own integrated circuits to replace third-party components. Additionally, the company is vulnerable to trade tensions between the United States and China, which can lead to export restrictions on major partners. Maintaining its leadership also requires continuous innovation amid intense competition in 5G and AI.
Taiwan Semiconductor Manufacturing must navigate significant geopolitical risks because its primary operations are located in Taiwan. The company also faces a constant need for massive capital investment to maintain its technological lead. Any shift in demand from major clients like Nvidia (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO), or NXP Semiconductors (NASDAQ:NXPI) could impact its high-cost manufacturing facilities. Furthermore, the semiconductor industry is historically cyclical, making the foundry susceptible to broad economic downturns.
Valuation comparison
Qualcomm trades at a lower price relative to its sales and future earnings estimates, whereas Taiwan Semiconductor Manufacturing trades at a premium, reflecting its specialized manufacturing capabilities.
Forward P/E
18.2x
28.0x
P/S ratio
4.4x
17.5x
Valuation metrics include those sourced from Financial Modeling Prep (FMP) and may differ from those of other data providers.
The P/S ratio measures a company's market value against its sales over the past twelve months. Meanwhile, the Forward P/E compares the stock price to future earnings estimates for the coming year.
Which stock would I buy in 2026?
When comparing Qualcomm and TSM, investors should consider a few key factors. Let's have a look at them and see what that tells us about each stock.
To start, there's growth. Here, TSM is the clear head-to-head winner. The company has grown its revenue from around $60 billion in 2022 to over $142 billion. TSM has averaged 24% year-over-year revenue growth over the last five years. Qualcomm, meanwhile, has averaged 7% revenue growth. Total revenue has increased from about $36 billion to $44 billion. Simply put, the AI revolution has supercharged TSM's revenue, and there's no sign of that growth letting up.
Another factor to consider is each company's profitability. Once again, TSM has a significant lead on Qualcomm. TSM's operating margin stands at 55.8% -- an all-time high. Qualcomm's current operating margin, on the other hand, is at a five-year low of 23.5%. The company has highlighted rising manufacturing and supply chain costs as part of the problem.
Last, there's valuation. It is on this factor that Qualcomm has an advantage. The stock sports a P/E ratio of 18.2x, well below TSM's 28.0x. In addition, Qualcomm is also more affordable on a price-to-sales basis. Its P/S ratio of 4.4x is roughly a quarter of TSM's 17.5x multiple. Granted, there are reasons why Qualcomm stock is cheaper, most notably, its slower growth and lower profitability.
In summary, although Qualcomm and TSM have been historically similar in performance, the last two years have seen a major shift in favor of TSM. The AI revolution has created enormous demand for TSM's core products, while Qualcomm's parts, particularly memory chips, have become more expensive, resulting in higher supply costs that have eaten into the company's margins. Cost-conscious tech investors, or those who are bearish on AI's growth prospects, may choose Qualcomm. However, growth-oriented investors will likely prefer TSM, given its superior profitability and higher growth.
Should you buy stock in Qualcomm right now?
Before you buy stock in Qualcomm, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Qualcomm wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $370,440!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,470,022!*
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*Stock Advisor returns as of October 7, 2026.
Jake Lerch has positions in Amazon and Nvidia. The Motley Fool has positions in and recommends Amazon, Apple, Broadcom, NXP Semiconductors, Nvidia, Qualcomm, Taiwan Semiconductor Manufacturing, and Xiaomi. The Motley Fool has a disclosure policy.

Qualcomm vs. Taiwan Semiconductor Manufacturing: Which Technology Stock Is a Better Buy in 2026?

Key Points
When analyzing top-line performance over the last eight quarters, Micron Technology exhibits a stronger revenue trajectory than Qualcomm, establishing a clear pattern of quarterly expansion.
Micron Technology generated accelerating quarter-over-quarter growth, while Qualcomm maintained a relatively stable quarter-over-quarter revenue pattern that eventually transitioned into a series of sequential declines.
Given their divergent financial trajectories, investors should carefully watch whether the expanding revenue gap continues to widen between the two companies or if changing business dynamics cause the established trend to narrow in upcoming quarters.
Micron Technology: Tracking a Pattern of Revenue Acceleration
Micron Technology (NASDAQ:MU) primarily generates revenue by manufacturing and selling advanced semiconductor memory and storage solutions to global customers.
During the recent period, it established multiple long-term strategic supply agreements with several major automotive manufacturers, such as General Motors and Ford Motor Company, to explicitly provide essential memory supply for vehicle platforms. It concurrently poured the first concrete for a new domestic semiconductor fabrication facility in New York.
Qualcomm: Navigating a Pattern of Uneven Quarterly Revenue
Qualcomm (NASDAQ:QCOM) primarily earns its revenue by supplying advanced wireless communication technologies and licensing its broad intellectual property portfolio.
During the quarter ended June 2026, it renewed a global patent licensing agreement with Apple to ensure continued royalty payments through the end of the decade, while it simultaneously secured a long-term computing supply agreement with BMW Group to act as the lead compute silicon provider for automated driving systems.
Why Revenue Matters for Investors
Revenue provides investors with a fundamental baseline of total sales volume and overall demand. This metric reveals whether an organization is successfully attracting customers and growing its overall business volume over time.
Comparing Quarterly Revenue For Micron Technology and Qualcomm
Calendar quarter
Micron Technology Revenue
Qualcomm Revenue
Q3 2024
$7.8 billion (quarter ended Aug. 29, 2024)
$10.2 billion (quarter ended Sept. 30, 2024)
Q4 2024
$8.7 billion (quarter ended Nov. 28, 2024)
$11.7 billion (quarter ended Dec. 29, 2024)
Q1 2025
$8.1 billion (quarter ended Feb. 27, 2025)
$11.0 billion (quarter ended March 30, 2025)
Q2 2025
$9.3 billion (quarter ended May 29, 2025)
$10.4 billion (quarter ended June 29, 2025)
Q3 2025
$11.3 billion (quarter ended Aug. 28, 2025)
$11.3 billion (quarter ended Sept. 28, 2025)
Q4 2025
$13.6 billion (quarter ended Nov. 27, 2025)
$12.3 billion (quarter ended Dec. 28, 2025)
Q1 2026
$23.9 billion (quarter ended Feb. 26, 2026)
$10.6 billion (quarter ended March 29, 2026)
Q2 2026
$41.5 billion (quarter ended May 28, 2026)
$9.9 billion (quarter ended June 28, 2026)
Data source: Financial Modeling Prep. Data as of Sept. 25, 2026.
Foolish Take
A look at the revenue trends between Micron Technology and Qualcomm reveal the former's critical role in the artificial intelligence boom, and the latter's recent struggles, ironically because of the success Micron is seeing.
Qualcomm's revenue was experiencing consistent year-over-year revenue growth until 2026. This year, the company's sales started to decline. A key factor behind the drop is reflected in Micron's revenue performance. As Micron's sales exploded in 2026, so did prices for its products. This created headwinds for Qualcomm's mobile device business.
As a result of skyrocketing prices for components such as computer memory, Qualcomm's margins are being compressed. At the same time, rising prices have reduced consumer demand for smartphone handsets, a double whammy for the company.
In an effort to better align its business with the rapidly changing semiconductor industry's direction, Qualcomm is shifting focus toward servicing the AI data center market. In a sign it's gaining traction here, the company captured tech titan Amazon as one of its customers in September.
Should you buy stock in Micron Technology right now?
Before you buy stock in Micron Technology, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Micron Technology wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $361,650!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,437,517!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — a market-crushing outperformance compared to 211% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of October 4, 2026.
Robert Izquierdo has positions in Amazon, Apple, Ford Motor Company, and Qualcomm. The Motley Fool has positions in and recommends Amazon, Apple, Micron Technology, and Qualcomm. The Motley Fool recommends Bayerische Motoren Werke Aktiengesellschaft and General Motors. The Motley Fool has a disclosure policy.

Micron Technology vs. Qualcomm: What Revenue Trends Tell Investors About These Tech Companies

Looking at units outstanding versus one week prior within the universe of ETFs covered at ETF Channel, the biggest outflow was seen in the Pacer US Cash Cows 100 ETF, where 51,600,000 units were destroyed, or a 15.6% decrease week over week. Among the largest underlying components of COWZ, in morning trading today Qualcomm is up about 0.6%, and Valero Energy is higher by about 1.4%.
And on a percentage change basis, the ETF with the biggest outflow was the FT Vest U.S. Equity Moderate Buffer ETF - September, which lost 5,500,000 of its units, representing a 39.4% decline in outstanding units compared to the week prior.

Indicator	Mar 26	May 26	Jun 26	Jul 26	Sep 26	TTM	Median
P/E	13.77	35.69	21.09	16.85	—	16.85	33.34
Price/Sales	3.14	4.34	4.54	3.62	—	3.62	2.86
P/B	4.95	8.96	7.02	—	7.03	7.03	3.01
P/FCF	11.10	15.24	19.25	15.37	—	15.37	23.04

Indicator	Mar 26	May 26	Jun 26	Jul 26	Sep 26	TTM	Median
ROE	40.19	—	37.33	—	—	37.33	14.14
ROA	18.45	—	—	—	—	18.45	6.67
ROI	25.13	—	23.68	—	—	23.68	10.08
Net Worth	137.54	190.99	197.54	157.80	—	157.80	1.02
Quick Ratio	1.61	—	1.28	—	—	1.28	1.59
Current Ratio	2.37	—	2.02	—	—	2.02	1.86

Indicator	Mar 26	May 26	Jun 26	Jul 26	Sep 26	TTM	Median
Net Profit Margin	22.31	—	21.01	—	—	21.01	10.12
Operating Margin	25.52	—	23.19	—	—	23.19	10.80
Gross Margin	54.80	—	54.23	—	—	54.23	50.00
Return on tangible equity	94.38	—	94.27	—	—	94.27	26.05

Indicator	Mar 26	May 26	Jun 26	Jul 26	Sep 26	TTM	Median
EPS	—	1.95	1.53	1.53	—	1.53	0.36
EPS Forecast	—	1.90	1.54	1.54	—	1.54	0.25
Revenue	10.60B	—	9.95B	—	—	9.95B	66.00M
Gross Profit	5.70B	—	5.28B	—	—	5.28B	—
EBITDA	2.72B	—	2.02B	—	—	2.02B	—

QUALCOMM Incorporated

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue