Qualcomm Inc (NASDAQ: QCOM) closed just above $150 on Friday, up a solid 25% from its multi-year low set in April. While that rebound initially looked like the beginning of a breakout, momentum has since stalled. The stock has started to consolidate and now sits at the lower end of the trading range it occupied for much of last year.
That sideways action is frustrating for long-term investors. Qualcomm is one of the most recognizable names in semiconductors, arguably the hottest sector in tech, but it continues to underperform many of its peers. Despite a relatively low valuation and a string of decent earnings reports, the stock has failed to generate the kind of momentum seen in rivals like NVIDIA Corp (NASDAQ: NVDA) or Advanced Micro Devices Inc (NASDAQ: AMD).
