Can Qualcomm's Snapdragon X2 Plus Platform Drive Future Growth?

Qualcomm Incorporated (QCOM) recently unveiled the Snapdragon X2 Plus platform, its latest addition to the Snapdragon X Series for Windows 11 Copilot+ PCs. The new solution enables Qualcomm to expand into AI-powered PCs and strengthen its position in high-performance, energy-efficient computing.

The Snapdragon X2 Plus is built on a 3 nm process with third-generation Oryon CPU cores. It delivers faster performance and better power efficiency, enabling longer battery life and smooth multitasking. The integrated Hexagon NPU provides powerful on-device AI capabilities, while support for LPDDR5X memory, Wi-Fi 7, optional 5G, and advanced security makes it ideal for modern, always-connected productivity. It is expected to be available for purchase in the first half of 2026.

Beyond Snapdragon X2 Plus, Qualcomm plans to expand the Snapdragon X Series with higher-performance X2 Elite variants and future AI-focused PC chips targeting premium, mainstream, and enterprise devices. The company is also expected to launch next-generation Snapdragon mobile, automotive, XR, and IoT platforms, strengthening its presence across AI, connected computing, and edge devices.

Qualcomm’s advanced PC chips give it a competitive edge over traditional x86 processors. Growing adoption by OEMs can boost chip volumes, diversify revenue streams, and reduce dependence on the mobile handset cycle.

Other Tech Companies Focused on Chip Development

Qualcomm faces competition from Intel Corporation (INTC) and Apple, Inc. (AAPL). At CES'26, Intel introduced its next-generation Panther Lake processors, including Core Ultra Series 3 chips, built on the 18A process to deliver faster, more efficient CPUs with improved AI for laptops. It is upgrading its Xeon server chips with built-in AI to enhance data center and enterprise performance. Intel’s Core Ultra lineup now includes AI-powered processors with built-in neural units (NPUs) for faster computing and better graphics, designed for laptops, desktops, and AI-focused PCs.

Apple has launched the M5 chip, featuring a faster CPU/GPU, higher memory bandwidth, and significantly improved AI performance compared to the M4, for its new MacBook Pro, iPad Pro, and Vision Pro products. Apple also plans to release a more affordable MacBook with an iPhone-class A18 Pro chip, aiming to reach a broader audience with a lower-cost option.

QCOM’s Price Performance, Valuation and Estimates

Qualcomm shares have gained 10.3% over the past year compared with the industry’s growth of 35.2%.

Going by the price/earnings ratio, the company's shares currently trade at 14.37 forward earnings, lower than 33.96 for the industry.

Earnings estimates for 2025 have increased .2% to $12.15 over the past 60 days, while those for 2026 have declined 1% to $12.58.

Qualcomm stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research