Jim Cramer’s 5 Stock Calls and the Impact of Iran War: Apple, Alphabet, and More

3. QUALCOMM Incorporated (NASDAQ:QCOM)

QUALCOMM Incorporated (NASDAQ:QCOM) is one of Jim Cramer’s stock calls as he discussed the impact of the Iran war on the markets. Inquiring about the stock, a caller asked if it is a buy at current levels. Cramer replied:

No. No, we don’t want to, but why don’t you just go buy Arm? I mean, I think Arm’s much better than Qualcomm. Qualcomm, I think, is making a series of missteps. Arm is making a series of good steps.

QUALCOMM Incorporated (NASDAQ:QCOM) supplies wireless technologies, chips, and software for mobile, automotive, and IoT applications. Cullen Capital Management, LLC stated the following regarding QUALCOMM Incorporated (NASDAQ:QCOM) in its fourth quarter 2025 investor letter:

Shares of QUALCOMM Incorporated (NASDAQ:QCOM) were purchased in the strategy during the quarter. Qualcomm is a leading global semiconductor and wireless technology company with a strong competitive position in premium smartphones and an increasingly diversified portfolio across automotive, IoT and AI-enabled computing. While near-term uncertainty around handset demand, competitive dynamics in China, and the gradual reduction of Apple modem volumes has weighed on sentiment, we view these factors as manageable within a broader, improving long-term growth profile. Qualcomm continues to benefit from a mix shift toward higher-end Android devices, where its content per handset and pricing power are structurally higher, supporting resilience even in a flat unit environment. Beyond handsets, Qualcomm’s automotive business now represents around 10% of QCT revenue and, together with its expanding presence in edge AI and AI enabled PCs, reinforces the company’s ongoing revenue diversification. As these non-handset businesses scale and Apple-related headwinds diminish, we believe Qualcomm’s earnings profile should become more durable over time. Qualcomm trades at an attractive valuation of 14.0x 2026 EPS with a 2.1% dividend yield.