What's Going On With Qualcomm Stock Friday?

Qualcomm Inc. (NASDAQ:QCOM) stock fell nearly 5% Friday as investors sold technology stocks amid broader market weakness. The Nasdaq dropped 2.03%, while the S&P 500 declined 0.91%. Technology was the worst-performing sector, falling 3%. Technical Indicators Signal Weakness Qualcomm traded below its key moving averages, signaling continued selling pressure. The stock was 2.6% below its 20-day simple moving average of $173.10 and 5.7% below its 50-day average of $178.66. It also traded 1% below its 200-day average of $170.18. Meanwhile, the relative strength index stood at 46.57, indicating neutral momentum rather than oversold conditions. Traders are watching resistance at $185.50 and support at $148.50. Analyst Outlook The stock carries a consensus Hold rating and an average analyst price forecast of $186.94. Recent analyst actions include: Freedom Broker: Downgraded Qualcomm to Hold and lowered its price forecast to $185 on Nov. 9. UBS: Maintained Neutral and lowered its price forecast to $180 on Nov. 5. JPMorgan: Maintained Neutral and lowered its price forecast to $200 on Nov. 5. Read Also: Qualcomm Q4 Highlights: Double Beat, Company Looks Ahead to 'Ramp of our Data Center Business' Qualcomm Expands Into AI Robotics Meanwhile, a Thursday Counterpoint Research report highlighted Qualcomm’s efforts to expand into artificial intelligence-powered robotics. Qualcomm is using its automotive technology experience to develop hardware, software and data solutions for the robotics industry. During an interview with Counterpoint Research, Anshuman Saxena, Qualcomm’s vice president and general manager of robotics and advanced driver assistance systems, discussed the company’s strategy. Qualcomm is developing a software and data platform integrated with its Dragonwing IQ processors. The company aims to support industrial robots, autonomous mobile robots and humanoid robots. However, Counterpoint highlighted a major challenge: the shortage of training data needed to develop advanced AI models for robotics. Qualcomm is also integrating technology from its acquisition of PickNik, which manages the open-source MoveIt robotics framework. The company plans to integrate MoveIt Pro with its Dragonwing robotics platform. It is also combining its technology with Arduino products to reach more developers. These efforts could help Qualcomm expand beyond smartphones into emerging AI markets. QCOM Stock Price Activity: Qualcomm shares were down 4.71% at $168.80 at the time of publication on Friday, according to Benzinga Pro data. Photo via Shutterstock Read Also: Why Is Alibaba Stock Falling Thursday?