Double bearish pressure hits! Goldman Sachs Group, Inc. and Bernstein collectively bearish on Qualcomm (QCOM.US): Apple Inc.'s market share loss and weak demand for smartphones could weigh on stock price, making it difficult for stock buybacks and AI to support it.

Recently, Goldman Sachs Group, Inc. and Bernstein have successively published research reports, downplaying the growth prospects of Qualcomm (QCOM.US) and suggesting that soft demand for smartphones and potential order losses from Apple Inc. (AAPL.US) could pose potential risks to the company. Goldman Sachs Group, Inc. analyst James Schneider initiated coverage on Qualcomm, giving it a "neutral" rating with a target price of $135. The analyst pointed out that Qualcomm is expanding its revenue diversification by leveraging its intellectual property in related markets such as automotive, personal computers, and data centers. However, Goldman Sachs Group, Inc. also believes that the loss of market share from core smartphone customers, including Apple Inc., may partially offset the benefits of this diversification, putting pressure on Qualcomm's fundamentals. Earlier, Bernstein downgraded Qualcomm from "outperform" to "market perform" with a target price lowered from $175 to $140. The institution stated that increased cost pressures for storage chips and rising prices will have a "significant negative impact" on global smartphone shipments, with the current market having "clearly high expectations" for Qualcomm's performance. Bernstein also mentioned that despite positive factors such as stock buybacks and the expansion of data center businesses, it will be difficult to counteract the impact of soft demand for smartphones, and warned that the licensing agreement between Qualcomm and Apple Inc. may expire within the next year, highlighting potential risks to be cautious of. It is understood that Qualcomm focuses on the research and commercialization of wireless communication core technologies, covering 3G, 4G, and 5G connectivity technologies, as well as high-performance, low-power computing, and terminal-side artificial intelligence.