Qualcomm is trading higher today, showing resilience as it recovers from a broader semiconductor sell-off that saw the iShares Semiconductor ETF drop 4% on August 24. The stock is benefiting from a positive shift in sentiment following an analyst upgrade to Buy on August 23, which highlighted that the company's valuation has normalized to 17x forward earnings despite ongoing headwinds like Chinese smartphone weakness. While institutional activity has been mixed, with several firms like Barrow Hanley Mewhinney & Strauss LLC and Beutel Goodman & Co Ltd. reducing their positions in recent filings, the stock is currently tracking alongside gains in peers like NVIDIA and AMD as investors position themselves ahead of upcoming industry catalysts.