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Goldman Sachs Cautious on QUALCOMM (QCOM) Amid Key Customer Losses

QUALCOMM Incorporated (NASDAQ:QCOM) is one of the 7 most oversold data center stocks to invest in.

Kārlis Dambrāns/Flickr

Analysts’ views on Qualcomm Incorporated (NASDAQ:QCOM) remain divided as of April 1, 2026, with roughly 60% of covering analysts holding mixed ratings. Yet the $150 consensus price target implies roughly 20% upside.

Recently, analysts at Goldman Sachs discussed QUALCOMM Incorporated (NASDAQ:QCOM)’s outlook.

Goldman Sachs initiated coverage on Qualcomm Incorporated (NASDAQ:QCOM) on March 30, 2026, with a “Neutral” rating and a $135 price target. According to analyst James Schneider, Qualcomm Incorporated (NASDAQ:QCOM) is leveraging its intellectual property in related industries, including data centers, PCs, and automobiles, to diversify its revenue sources. At the same time, the firm anticipates that the company’s short-term fundamentals would be impacted by share losses at key smartphone customers, especially Apple.

Previously, on March 26, Bernstein reduced its price target from $175 to $140 and downgraded Qualcomm Incorporated (NASDAQ:QCOM) from “Outperform” to “Market Perform.” The investment firm said consensus estimates now appear excessively optimistic and mentioned that memory cost concerns could have a negative impact on smartphone shipments. Additionally, Bernstein pointed out that the risks associated with smartphone weaknesses and the impending expiration of the Apple license deal are unlikely to be completely outweighed by potential narrative tailwinds from buybacks and data center initiatives.

Qualcomm Incorporated (NASDAQ:QCOM) develops and commercializes foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies, Qualcomm Technology Licensing, and Qualcomm Strategic Initiatives.

While we acknowledge the risk and potential of QCOM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than QCOM and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.

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The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

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In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.

And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…

This prediction might not be bold at all:

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