How did Musk's denial affect Qualcomm's stock?

Qualcomm (QCOM) shares fell after the denial, heading toward their fourth consecutive loss.

What is the source of the report that Musk denied?

The report was published by the Wall Street Journal, claiming SpaceX showed investors an AI smartphone prototype using Qualcomm chips.

Elon Musk Denies Qualcomm Chips in SpaceX AI Phone

Elon Musk denied a Wall Street Journal report that SpaceX showcased an AI-powered smartphone prototype using Qualcomm (QCOM) Snapdragon processors to investors. The denial pushed Qualcomm shares toward their fourth consecutive decline.

July 1, 2026

2 min read

Source: Stocktwits

Details

According to the WSJ report, SpaceX had demonstrated a handset-like AI device powered by Qualcomm's Snapdragon chip to potential investors. However, Musk categorically denied the report on X (formerly Twitter), without providing further details about SpaceX's hardware plans.

Context

The denial comes amid intensifying competition in the AI smartphone market, with Apple, Samsung, and Google racing to integrate AI capabilities. Qualcomm is a key supplier of smartphone chips, and a partnership with SpaceX would have been a significant win.

What It Means for Investors

Musk's denial removes a potential new revenue stream for Qualcomm (QCOM) from SpaceX in the near term. The stock remains under pressure from weak global smartphone demand and may continue to fluctuate until clearer partnership opportunities emerge.

Frequently Asked Questions

No, Elon Musk denied a previous report claiming that SpaceX uses Qualcomm chips in a smartphone prototype.

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This article was rewritten in Wrqti's editorial style based on information from the original source above. Content is informational only — not investment advice.