Munro Partners, an investment management firm, highlighted Qualcomm (NASDAQ: QCOM) as a detractor in its second-quarter 2026 commentary for the Munro Concentrated Global Growth Fund.
The fund delivered a strong second quarter, returning 23.8% net compared with the MSCI World ex-Australia Index’s return of 12.6%, as global equity markets rebounded following geopolitical volatility in March.
The fund remained constructive on the AI investment cycle, supported by accelerating adoption, rising hyperscale capital expenditure, and stronger monetization across major platforms.
Uncertainty remained around the Middle East conflict and changes in Federal Reserve communication under Kevin Warsh, though easing oil prices and limited inflation pressure provided a more supportive macroeconomic backdrop.
The portfolio continued to identify opportunities across high-performance computing, networking, power generation, cooling, and other data-center infrastructure areas throughout the quarter.
On September 30, 2026, QUALCOMM closed at $184.04 per share, with a market capitalization of $184.04 billion and a 52-week trading range between $121.99 and $259.92.
The stock returned 9.18% over the past month and gained 9.00% over the past 52 weeks, reflecting a modest recovery despite broader investor concerns about the company’s positioning.
In its Q2 2026 investor letter, the Munro Concentrated Global Growth Fund stated that QUALCOMM “detracted, after their place in the AI supply chain was questioned by investors.”
The fund noted that QUALCOMM “laid out their medium term plan for capturing AI supply chain share across custom chips, AI accelerators and CPUs, however this was met with skepticism from the market given the company’s minimal share today.”
QUALCOMM is a semiconductor and communication technology company focused on the development and commercialization of foundational technologies for the wireless industry, making its AI pivot a significant strategic shift.
According to available data, 95 hedge fund portfolios held QUALCOMM at the end of the second quarter of 2026, up from 71 in the previous quarter, suggesting growing institutional interest despite market skepticism.
The increase in hedge fund holdings indicates that some institutional investors see longer-term value in QUALCOMM’s AI ambitions, even as the broader market remains cautious about near-term execution.
The central challenge for QUALCOMM remains convincing investors that it can translate its medium-term AI roadmap into meaningful market share gains against established competitors in the custom chip and accelerator space.
