Qualcomm’s Record $12.3B Quarter Overshadowed by a Global “RAMpocalypse” Threatening 2026 Growth

Qualcomm reported record Q1 2026 revenue of $12.3B driven by automotive and premium smartphones, but issued conservative Q2 guidance ($10.2-11.0B revenue; EPS $2.45-2.65) due to a global memory shortage that led to a ~9% after-hours share drop; CEO Cristiano Amon cited constrained DRAM supply and OEM inventory reductions, while ongoing automotive growth and the Alphawave Semi acquisition support diversification as AI-driven demand and HBM prioritization pressure standard DRAM capacity.