On July 29, Qualcomm declined 3.11% in after-hours trading, trading at approximately $150.94/share, with turnover of $51.77 million. The drop followed the company's fiscal third-quarter earnings release after the close.

The market had already been pricing in supply chain cost headwinds ahead of the report. Qualcomm formally notified customers on July 24 of double-digit percentage price increases across its full chip portfolio effective September 1, stating it could no longer absorb rising upstream supply chain costs after doing so for several consecutive quarters. Despite attempts to source alternative components, the company was unable to offset the persistent cost escalation.

While Qualcomm announced positive developments on the same day — including completing its acquisition of AI software startup Modular and securing a decade-long agreement to supply compute silicon for BMW Group's next-generation digital cockpit and automated driving systems — cost-side uncertainty and cautious pre-earnings sentiment dominated. UBS had previously lowered its price target on Qualcomm from $235 to $190 while maintaining a Neutral rating, further weighing on investor confidence.

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