Qualcomm (QCOM) Shares Sink 7.7% as Nvidia’s RTX Spark Chip Challenges Snapdragon Dominance

Shares of Qualcomm (QCOM) fell 7.7% on June 2, 2026, after rival Nvidia unveiled its RTX Spark superchip for Windows PCs at the Computex conference, a direct threat to Qualcomm’s Snapdragon platform. The drop erased gains from a 27% surge in the week ended May 30, driven by hopes for a chip deal with ByteDance. Nvidia’s processor boasts on-device AI performance exceeding 100 TOPS, more than double the 45 TOPS of Qualcomm’s Snapdragon X Elite. The chip will appear in PCs from Dell, HP, and Lenovo, backed by Nvidia’s vast software ecosystem for gamers and AI developers. Qualcomm’s own Computex news—the “Dragonfly” AI data-center chip brand—lacked technical detail, with specifics postponed to a June 24 investor day. Instead of a competitive response, investors saw a rival product already shipping to customers including OpenAI and Oracle. QCOM ended the session at $230.18, near its 52-week high but sharply lower on the day.