Qualcomm shares are up sharply on a reported ByteDance AI data-center chip deal, yet the stock screens overbought with an RSI of 74 and a 54% premium to its 200-day moving average. The company's forward valuation is cheap relative to semiconductor peers, trading at a 44.6% discount on a P/E basis, while FY2025 revenue grew 13.7% to $44.3 billion and free cash flow reached $12.8 billion. However, FY2025 net income collapsed to $5.5 billion from $10.1 billion the prior year, raising questions about underlying profitability that cap our conviction. A hold rating reflects this tension: the AI narrative and discounted multiple are attractive, but chasing the stock at current overbought levels invites near-term downside.