Qualcomm Inc. (NASDAQ: QCOM) shares are trading around $155, down 15% in the past two weeks. The stock entered extremely oversold territory last week but quickly bounced back above the crucial 30 level. The last time this happened in April 2020, Qualcomm shares rallied 70%.

Despite concerns about Qualcomm being left behind in the AI race, the company has been making advances in personal AI, particularly in IoT, edge computing, and robotics. A recent downgrade to a Neutral rating from Mizuho hasn’t helped, but Qualcomm’s refreshed price target of $175 implies substantial upside potential.

Qualcomm’s upcoming earnings could be the catalyst for a turnaround. The stock has stabilized around $154, showing signs of a recovery. If the company reassures investors about its growth story, the post-earnings reaction could lead to a higher stock price. Confidence in Qualcomm’s future prospects may outweigh recent panic selling.

Read more at Nasdaq, Inc.: The Last Time Qualcomm’s RSI Did This, the Stock Rallied 70%