Qualcomm Inc. (QCOM) stock traded lower during Tuesday's premarket session as broader risk appetite weakened. Nasdaq futures fell 0.18%, while S&P 500 futures slipped 0.23%.

Qualcomm Rival MediaTek Steps Up Flagship Chip Push

Qualcomm also faces fresh competitive pressure from rival MediaTek.

MediaTek unveiled its Dimensity 9600 Pro on Tuesday, its first smartphone chip built using Taiwan Semiconductor Manufacturing Company Ltd.'s (NYSE: TSM) advanced 2-nanometer process, Reuters reported. The company also launched the Dimensity 9600M, built on a 3-nanometer process. Both target the premium smartphone market.

The push directly challenges Qualcomm in high-end handsets, where premium devices and on-device AI can deliver stronger margins. MediaTek said its new 9600 Pro includes a dedicated AI processor designed to handle more complex generative AI workloads directly on smartphones.

MediaTek has already gained ground. Its market value surpassed Qualcomm's earlier this year, according to Reuters. The company now sees further room to increase its share of the flagship smartphone market as advanced hardware and AI features push device prices higher.

Technical Analysis

Qualcomm traded at $179.63, well above its short-term moving averages. The stock was 6.9% above its 20-day simple moving average of $167.57 and 6.2% above its 50-day SMA of $168.68.

However, shares remained 3.4% below the 100-day SMA of $185.58. That level could create resistance if the rebound continues.

Momentum remains constructive. The MACD is above its signal line, while the histogram is positive. That suggests buying momentum has improved.

Still, the technical picture is mixed. The 20-day SMA remains below the 50-day SMA, signaling some short-term weakness. However, the 50-day SMA remains above the 200-day SMA of $168.18, preserving the longer-term golden-cross setup from May.

Key resistance sits near $196, while support stands around $156.

Analyst Outlook

Qualcomm carries a Hold consensus rating with an average price forecast of $196.95.

Piper Sandler initiated coverage with a Neutral rating and $190 price forecast on Sept. 10. RBC Capital maintained Sector Perform and raised its forecast to $180 on Sept. 9. Rosenblatt maintained its Buy rating and $235 forecast the same day.

Qualcomm Edge Rankings

Qualcomm scores strongest on Quality, with an Edge rating of 92.06. Momentum stands at 68.61, while Value and Growth score 36.68 and 32.72, respectively.

The setup points to a quality-led stock with supportive momentum. However, Qualcomm still needs to clear longer-term resistance to strengthen its rebound.

Top ETF Exposure

Qualcomm has a 5.93% weighting in the First Trust Nasdaq Semiconductor ETF (NASDAQ: FTXL), a 5.25% weighting in the Tema Global Royalties ETF (NASDAQ: ROYA) and a 3.54% weighting in the Horizon Dividend Income ETF (NASDAQ: DIVN).

As a result, significant flows into or out of these funds can contribute to trading activity in Qualcomm shares.

Price Action

QCOM Stock Price Activity: Qualcomm shares fell 0.29% to $179.63 in Tuesday premarket trading, according to market data.