Qualcomm Inc. (Qualcomm (QCOM)) stock is losing ground Tuesday morning, and the story behind the move is a mix of profit-taking, social media rumors, and a real enterprise deal. The Nasdaq is down 0.71% while the S&P 500 has shed 0.18%.

Profit-Taking Flushes Monday's Gains

The primary catalyst behind Tuesday's downward price action appears to be heavy profit-taking. Traders locked in gains after the chipmaker's stock surged dramatically during Monday's trading session and subsequent after-hours action.

Unverified Jensen Huang Video Stirs Market

The initial spike occurred on Monday when traders circulated a post on X from The Kobeissi Letter. The post claimed, “NVIDIA CEO Jensen Huang says to buy Qualcomm, $QCOM, stock.” The post quoted Huang as saying, “I spent the whole day selling other people's stock. It's good, we should be happy other people succeed,” he says.

Qualcomm shares initially surged about 5% in after-hours trading on the rumors, but the rally lost steam after doubts emerged that the video appearing to show Huang recommending the stock might be fake. The authenticity of the footage has not been confirmed.

NVIDIA Corp. (NVIDIA (NVDA)) did not immediately respond to a request for comment.

SLB Enterprise Partnership

On Tuesday, global energy technology company SLB Ltd. (SLB (SLB)) announced a memorandum of understanding with Qualcomm to enable edge AI solutions for the energy industry.

The collaboration integrates Qualcomm's low-power edge computing and AI processing with SLB's Agora edge AI and IoT solutions. Nakul Duggal, Qualcomm's EVP and Group GM of Automotive, Industrial and Embedded IoT, and Robotics, noted that the partnership brings “low-power AI processing closer to energy operations,” supporting a shift toward autonomous workflows.

Qualcomm Technical Levels To Watch

From a trend perspective, Qualcomm is still holding a bullish longer-term structure: it's trading about 15% above its 50-day SMA ($178.01) and roughly 24% above its 200-day SMA ($164.73), and the golden cross that formed in May keeps the bigger-picture uptrend intact. The catch is the near-term damage—shares are now about 8.8% below the 20-day SMA ($224.43), which often acts like a line in the sand for short-term momentum.

RSI is the cleaner momentum read right now, sitting at 51.95.

• Key Resistance: $206
• Key Support: $191

QCOM Stock Price Activity: Qualcomm shares were down 6.70% at $203.17 at the time of publication on Tuesday, according to market data.