New York, July 13, 2026 — Shares of JD.com (NASDAQ:JD) advanced 2.4% on Monday, trading on volume that matched its 20-day average, while Qualcomm (NASDAQ:QCOM) fell 2.7% despite an upward revision to its price target from TD Cowen. The divergent moves come amid a broad selloff in semiconductor stocks and shifting analyst expectations for the two companies.
TD Cowen raised its price target on Qualcomm to $225 from $200, implying potential upside of about 22.3% from Friday’s close. Meanwhile, Macquarie lowered its target on JD.com to $37 from $40, though it maintained an Outperform rating. The new target suggests a potential upside of 28.1% for JD.com. Macquarie projects JD’s second-quarter revenue will slip 4% and adjusted operating profit—before specified items—will come in at RMB5.8 billion.
Qualcomm’s decline occurred on volume that was just 62% of its displayed average, with 12.99 million shares traded against a 20.86 million average. JD.com, by contrast, saw 8.42 million shares change hands, essentially matching its 8.29 million average. The stock’s move outpaced that of Alibaba Group Holding Ltd (NYSE:BABA), which ended the session barely changed at +0.02%.
Both stocks carry similar trailing price-to-earnings multiples—20.01 times for Qualcomm and 20.94 times for JD.com—but their business profiles, demand cycles, and profit outlooks differ considerably. Qualcomm is down 29.2% from its 52-week high, while JD.com has fallen 21.6%.
Semiconductor Selloff Weighs on Qualcomm
Qualcomm’s stock was dragged lower by a broader selloff in chip stocks. The Philadelphia Semiconductor Index has fallen more than 11% from its June peak, after surging 83% earlier this year. Semiconductor funds experienced approximately $11 billion in outflows during the week ended June 24. Qualcomm was among the chip names with some of the largest increases in short interest, indicating more bets against the stock. “We’ve never seen this kind of extreme earnings growth. But the question then becomes, how long can we expect this to continue,” said Steve Sosnick, chief market analyst at Interactive Brokers. ORTEX analyst Peter Hillerberg noted that the pickup in short interest reflects caution and hedging rather than the crowding that typically leads to short covering.
Despite the near-term pressure, Qualcomm continues to execute on a long-term growth plan extending to fiscal 2029. The company reported fiscal second-quarter revenue of $10.6 billion, down 3% year over year, with automotive and IoT sales climbing 20%. CEO Cristiano Amon described the results as “solid execution” amid a “challenging memory environment.” Qualcomm repurchased $5.4 billion of stock in the first half of the fiscal year and announced a fresh $20 billion buyback authorization. At its investor day in June, the company set targets of more than $15 billion in data-center AI sales and $40 billion in non-handset revenue for fiscal 2029.
JD.com Shows Resilience Amid Analyst Caution
JD.com posted a 4.9% revenue gain in the first quarter, reaching RMB315.7 billion. JD Retail’s operating margin improved to 5.6% from 4.9% a year earlier, which CEO Sandy Xu called “record levels.” However, the group’s overall operating margin slipped to 1.2% from 3.5%, reflecting heavier spending on new businesses. Free cash flow turned negative at RMB6.5 billion. JD bought back $631 million worth of shares, or 1.6% of outstanding stock, leaving $1.4 billion remaining on its repurchase program.
The stock’s Monday rally appeared stock-specific, following a 4.4% gain on July 8 that was tied to a broader comeback in Chinese tech. However, Macquarie’s revenue forecast and margin pressures suggest near-term headwinds.
Outlook and Risks
Monday’s trading serves as a checkpoint for investors. JD.com’s upward move needs to sustain on normal or better volume, especially as analysts trim projections. Qualcomm must show signs that the chip selloff is easing and that its data-center ambitions can translate into revenue soon. Search ranking movements alone do not address these fundamental concerns. Both stocks trade at roughly 21 times trailing earnings, but the risks are distinct: Qualcomm faces potential slowdowns in AI infrastructure and customer delays, while JD.com could see further margin compression if revenue declines materialize as Macquarie expects.
