Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Price at writing: ~$150 per share (July 30, 2026 intraday; the stock traded between $145.92 and $154.16 today after falling roughly 7% following the fiscal Q3 report). Shares outstanding: 1,050 million (as of July 27, 2026). Market capitalization: ~$158 billion. Trailing dividend: $3.68 annualized ($0.92/quarter), a ~2.4% yield. Warren here. Charlie and I always start with a simple question: what does the company actually do, and could we explain it to a bright teenager in five minutes? Qualcomm has two real businesses and a growing collection of hopeful ones. QCT (chips) — roughly 85% of revenue — designs semiconductors: the Snapdragon processors and modems that go into smartphones, cars, and an assortment of "internet of things" devices. In the June 2026 quarter, QCT did $8.5 billion in revenue: $5.1 billion from handsets, $1.6 billion from automotive, $1.8 billion from IoT.
Recent filings analysed: 8-K (2026-07-31), 10-Q (2026-07-29), 8-K (2026-07-29), 8-K (2026-06-24).
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