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Editor’s Note: Our friend Louis Navellier is a regular guest at Mar-a-Lago, President Trump’s private residence in Palm Beach Florida. He’s also one of America’s top tech investors, managing a $1.1 billion portfolio – including $358 million in AI stocks. (He recommended Nvidia to his followers before it soared 44,000%.) In addition, he predicted the Dot-Com crash. He called Google’s rise. And now he has a shocking warning about the SpaceX IPO that all Americans deserve to hear. See below for details.

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SpaceX is headed toward what could be a $1.75 trillion IPO – the biggest in history.

It could make Elon the world’s first trillionaire.

And it would likely create countless new millionaires and billionaires, too.

But Elon’s dreams of dominating space and AI could soon come crashing down.

Because Donald Trump has recently signed Executive Order (#14363).

While the mainstream media obsesses over this historic IPO…

Not only could it render SpaceX’s AI technology obsolete…

It could trigger a $100 trillion “reset” of the AI markets in America.

How could it disrupt the biggest IPO in history in the process?

How could it send shares of one obscure AI stock soaring?

And how could you turn this into a massive opportunity, starting now?

Simply click here for my brand-new presentation revealing all the details.

I even reveal the name and ticker of one company poised to profit, for free.

Fair warning: This information is very time sensitive. I could take it down at any time.

So please don’t delay. Inform yourself now, before the big IPO.

Louis Navellier
Senior Investment Analyst, InvestorPlace

P.S. I consider this the biggest prediction in my 40-year career.

Trump’s executive order could send shockwaves throughout the AI economy. As you’ll see, he’s building a new AI technology 283 trillion times more powerful than Elon’s. It may sound crazy. But it’s 100% true. And understanding exactly what’s coming could save you a lot of money in 2026… while getting you in early on the biggest AI revolution ever.

FEATURED

Hey there, bargain hunter. Qualcomm (QCOM) fell roughly 7% on June 1, 2026 – and the cause was not a missed quarter or a guidance cut. It was a single product announcement at Computex in Taipei that the market read with considerable alarm.

Nvidia CEO Jensen Huang unveiled the RTX Spark superchip – also referred to as the N1X – a Windows-on-Arm processor co-developed with Microsoft and MediaTek. Fall 2026 launch. Dell, HP, ASUS, Lenovo, and MSI are already committed to shipping devices powered by it. That is the exact OEM lineup Qualcomm’s Snapdragon X Elite has been counting on.

QCOM had hit a 52-week high of $259.92 just days before the announcement. The stock was up more than 70% over the prior year heading into Computex. There was not much cushion.

What Actually Happened on June 1

• QCOM fell approximately 7.3% on the session – one of the steepest single-day drops among large-cap semiconductors in 2026
• Pre-market briefly touched -10% before stabilizing; intraday low was around $227
• Catalyst: Nvidia’s RTX Spark superchip announcement at Computex 2026, targeting the Windows-on-Arm PC market directly
• The broader market was actually up – S&P 500 gained 0.2%, Nasdaq edged up 0.2% – so this was entirely company-specific pressure
• AMD pulled back about 1.2% on the day; QCOM was clearly viewed as the most directly exposed
• Qualcomm also unveiled “Dragonfly,” a new AI data-center brand, at Computex – but that announcement was overshadowed and details were deferred to Investor Day on June 24

Why This Actually Matters

Qualcomm’s Snapdragon X series had positioned the company as essentially the only credible Windows-on-Arm chipmaker for AI PCs. Microsoft’s Copilot+ PC initiative was built heavily around Snapdragon silicon, and an exclusivity arrangement reportedly shielded that position for years. That arrangement has now reportedly expired – and Nvidia walked right through the open door.

Nvidia’s entry does not eliminate Qualcomm’s PC business overnight. RTX Spark systems don’t hit shelves until fall 2026, and the ramp from announcement to real volume takes time. But the pricing power and design-win dynamics shift the moment the dominant AI chip company decides your market is worth entering. That is what the 7% drop was reacting to.

Slight tangent, but worth noting: Nvidia enters the Windows-on-Arm space with a software ecosystem – CUDA, TensorRT, GPU driver maturity – that Qualcomm has never had. Snapdragon X has shown strong battery life and solid performance, but it has also struggled with app and driver compatibility since day one. Nvidia does not have that problem.

The Numbers You Actually Need

Qualcomm reported fiscal Q2 2026 results on April 29. Here is what the actual filing shows:

• Total Q2 revenue: $10.6 billion – down 3% year over year
• QCT (chip segment) revenue: $9.1 billion – down 4% year over year
• QCT handsets: $6.0 billion – down 13% year over year, with China Android shipments deliberately below end demand due to channel inventory drawdowns
• QCT automotive: $1.33 billion – up 38% year over year, a new record; annualized run rate exceeded $5 billion for the first time
• QCT IoT: $1.73 billion – up 9% year over year
• QTL (licensing) revenue: $1.4 billion, EBT margin of 72%
• Non-GAAP EPS: $2.65 – at the high end of guidance, but down 7% year over year
• Q3 guidance: revenue $9.2–$10.0 billion, non-GAAP EPS $2.10–$2.30
• Capital returned to stockholders in Q2: $3.7 billion – including $2.8 billion in buybacks and $945 million in dividends; new $20 billion buyback authorization in place
• Annual free cash flow: $11.2 billion in fiscal 2024, $12.8 billion in fiscal 2025 – not a distressed balance sheet by any measure

The headline numbers look soft because handsets into China are being deliberately under-shipped as channel inventory normalizes. Management called Q3 the expected bottom for that dynamic. The underlying diversification story – automotive and IoT growing while handsets reset – is playing out roughly as planned.

Is It Actually Cheap?

This is where it gets more complicated than the original email implied. The 14–15x forward P/E figure in the earlier version was stale. Heading into June 1, QCOM was trading at roughly 17–20x forward earnings depending on the methodology used – still a meaningful discount to the semiconductor sector median near 37x, but not the deep-value price it appeared before the May run-up.

The stock had run nearly 40% in May alone. It was not cheap when Nvidia stepped on stage. The selloff partially corrects that.

• Forward P/E (pre-drop estimates): approximately 17–20x – a discount to semis broadly but not the bargain it looked like in early 2026
• Free cash flow generation: $11–13 billion annually over the past two fiscal years – that is a real moat and affords significant capital return flexibility
• EV/FCF: approximately 18–19x based on current market cap – reasonable but not screaming cheap after the May rally
• The automotive segment alone, growing toward a $6 billion annualized run rate, increasingly justifies a meaningful portion of the current valuation independently

The Background Risk the Market is Also Pricing

Some coverage on June 1 mixed in the Arm Holdings licensing dispute as an additional risk. Worth clarifying: Qualcomm won that case. A Delaware jury ruled in Qualcomm’s favor in December 2024, and a federal judge issued a final ruling cementing that outcome in September 2025. Arm filed an appeal in October 2025, but legal experts broadly view an overturn as unlikely. The license cancellation threat that once hung over Snapdragon X is largely resolved – though the appeal adds an ongoing background noise factor that the market has not fully forgotten.

Bull / Base / Bear

Bull: RTX Spark’s fall 2026 ramp is slower than the headlines suggest – premium pricing, thin initial SKU count, and the app/driver maturation cycle for a new platform all slow adoption. Qualcomm retains the bulk of near-term Copilot+ design wins. Automotive accelerates past the $6 billion run-rate target. Dragonfly data-center traction emerges at Investor Day on June 24. Shares recover toward 20–22x forward earnings.

Base: Nvidia earns a meaningful share of premium Windows-on-Arm sockets over 2–3 years. Qualcomm cedes ground at the high end but retains volume in mid-range and budget AI PC tiers, where Nvidia is not initially focused. Revenue growth moderates. The stock grinds sideways in the 16–19x range while automotive and IoT carry the growth story.

Bear: Nvidia gains rapid OEM adoption and Microsoft accelerates Copilot+ certification for RTX Spark devices, pulling platform resources away from Snapdragon. Apple modem transitions squeeze the handset licensing business simultaneously. Consensus estimates move lower. Multiple compresses further toward 13–14x.

Cheap Investor Scorecard

• RTX Spark device count at fall 2026 OEM launches – how many SKUs across Dell, HP, Lenovo vs. Snapdragon X at the same price points
• Qualcomm Investor Day (June 24) – does Dragonfly get real data center traction or stay vague?
• Q3 fiscal 2026 earnings – does handset revenue from China actually bottom as guided?
• Automotive run-rate trajectory – is the $6 billion exit rate for fiscal 2026 tracking on schedule?
• Copilot+ PC label qualification – do RTX Spark systems earn it at launch, and does Microsoft weight those devices equally in marketing?
• App compatibility reports on RTX Spark – Nvidia’s app ecosystem is strong but Windows-on-Arm emulation history is uneven
• Arm appeal status – any development in the October 2025 appeal changes the IP risk profile

Bottom Line

A 7% drop on a competitive signal – not a fundamental miss – deserves a sober look rather than a panic sell. But it also deserves honesty: QCOM was not cheap before this happened. The May rally had taken the stock to a 52-week high on momentum and AI PC optimism. Some of that unwind was inevitable.

What actually matters from here is not whether Nvidia entered the market – it did. The question is whether RTX Spark captures design wins at scale before Qualcomm diversifies its revenue base enough that the PC segment no longer drives the story.

Automotive at $1.33 billion per quarter and growing 38% year over year. Free cash flow above $12 billion annually. A data-center play in Dragonfly that has not yet been priced in. If you own QCOM, watch the June 24 Investor Day closely. That is where management has to show it has more than one answer to the question Nvidia just asked.