New York, Feb 16, 2026, 19:06 EST — Market closed.
- QUALCOMM Incorporated shares last closed up 1.6% at $140.70 on Friday.
- U.S. markets are shut Monday for Washington’s Birthday and reopen on Tuesday.
- Investors are watching memory-chip supply signals, Fed minutes (Feb. 18) and U.S. PCE inflation data (Feb. 20), with Mobile World Congress looming in early March.
QUALCOMM Incorporated (QCOM.O) shares get their next real test on Tuesday when U.S. markets reopen after the Presidents Day break, after the stock ended Friday up 1.6% at $140.70. (MarketWatch, NYSE holiday calendar)
The timing matters because chip stocks have been trading off supply-chain headlines and rate bets, and Monday’s holiday thinned out liquidity. Global markets were steady in holiday conditions, and U.S. stock futures inched higher, Reuters reported, setting up a reset into Tuesday’s cash open. (Reuters)
Qualcomm is still carrying the weight of its early-February warning on memory shortages. The company forecast second-quarter revenue of $10.2 billion to $11.0 billion, below analysts’ average estimate of $11.12 billion, and CEO Cristiano Amon told Reuters: “I’m very happy with the business – I just wish we had more memory.” Analyst Bob O’Donnell at TECHnalysis Research wrote the impact was broad: “Qualcomm’s expecting to be impacted by the worldwide memory crunch for the next several quarters.” (Reuters)
A day later, Qualcomm and Arm flagged the same theme from different angles — fewer complete phones ship when device makers cannot secure enough memory parts. “Industry-wide memory shortage and price increases are likely to define the overall scale of the handset industry through the fiscal year,” Amon said on the call, while eToro analyst Zavier Wong argued the numbers “largely reflect broader industry trends rather than Qualcomm-specific issues.” (Reuters)
That leaves traders hunting for small tells — allocation changes, shipping checks, anything — rather than a single headline. Qualcomm’s phone-chip business is exposed to what handset makers build, not just what consumers want.
The next scheduled catalyst is Mobile World Congress in Barcelona on March 2-5, a key calendar event for modem and connectivity suppliers. For Qualcomm, it is one of the few near-term venues where new product roadmaps and partner talk can spill into the open. (MWC Barcelona)
Amon is slated to appear on March 3 in a keynote session billed as “Architects of the AI Age,” according to the event agenda. Investors will be listening for concrete language on 6G timelines and on-device AI — and whether Qualcomm can keep steering attention beyond phones. (MWC session agenda)
Macro could cut across all of it. Minutes from the Federal Reserve’s Jan. 27-28 meeting are due on Wednesday, and the Fed’s preferred inflation gauge — the personal consumption expenditures price index — is scheduled for release on Friday, Feb. 20, according to the Fed’s calendar and the BEA release schedule. (Federal Reserve FOMC calendar, BEA PCE schedule)
Apple’s pricing decisions are another swing factor for the smartphone supply chain as the memory crunch persists. “We’ve seen several OEMs (device makers), especially in China, take actions to reduce their handset build plans and channel inventory,” Qualcomm finance chief Akash Palkhiwala said earlier this month. (Reuters)
But the risk case is straightforward: if memory remains tight into 2027, handset build plans can keep sliding, particularly for mid- and low-end phones where buyers flinch first when prices rise. Qualcomm also faces pressure from customers developing more chips in-house and from intensified competition in Android, which can cap how much premium demand can offset weaker volumes elsewhere.
For now, Qualcomm holders head into Tuesday with one question that has not moved much in two weeks: is the memory story getting better, or just getting familiar. The next hard markers are the Feb. 18 Fed minutes and Amon’s March 3 MWC keynote.
