QUALCOMM Incorporated (NASDAQ: QCOM) stock traded around $174.78 on Tuesday, December 23, 2025, modestly higher on the session after moving between roughly $173.47 and $175.27. Volume in the latest session was about 2.6 million shares, pointing to a relatively calm tape heading into a holiday-shortened stretch for U.S. markets.

For investors following Qualcomm stock, the story late in 2025 is less about one headline and more about how several strategic threads are converging: a newly completed connectivity acquisition aimed at the data-center roadmap, a near-term earnings outlook still tied to premium smartphones (and customer concentration risk), and Wall Street’s ongoing debate about how quickly Qualcomm’s next growth engines—AI…