QCML stock forecast, quote, news & analysis

Key Takeaways

• QCML, a 2x leveraged single-stock ETF tied to Qualcomm, climbed roughly 44% over the last 30 days, from about $14.23 to $20.51.
• The move was amplified from a roughly 21% gain in QCOM shares over the same period.
• The rally was driven by Qualcomm's new AI data-center partnership with AMZN and a broad semiconductor rebound.
• Despite the sharp rebound, the fund remains down roughly 10% over the trailing quarter, highlighting the compounding drag of daily-reset leverage.
• QCML carries a 1.50% net expense ratio and is designed for short-term trading, not long-term holding.

GraniteShares 2x Long QCOM Daily ETF (QCML) Overview and Portfolio Exposure

QCML is the GraniteShares 2x Long QCOM Daily ETF, a leveraged exchange-traded fund (ETF) that seeks daily investment results, before fees and expenses, equal to 200% of the daily percentage change in the common stock of Qualcomm Incorporated. The fund is actively managed and non-diversified, and it achieves its exposure primarily through total-return swaps referencing Qualcomm, collateralized by cash and short-term U.S. Treasury securities.

Because it is a single-stock product, QCML has effectively one underlying exposure — Qualcomm — rather than a diversified basket of holdings or sectors. The fund's net expense ratio is 1.50%, and its assets under management (AUM), the total market value of fund assets, were in the tens of millions of dollars as of early September 2026. This concentrated, leveraged structure means the fund's performance is almost entirely a magnified reflection of Qualcomm's daily share-price moves, with no offsetting diversification.

GraniteShares 2x Long QCOM Daily ETF (QCML) Price Performance: Last 30 Days vs. Quarter

Over the last 30 days, QCML rose approximately 44%, advancing from a closing level near $14.23 to about $20.51. That gain tracked a roughly 21% increase in Qualcomm shares over the same window, with the 2x leverage amplifying the move. The advance was rapid and trend-driven, concentrated in early-to-mid September as semiconductor sentiment turned sharply positive.

The longer view tells a different story. Over the trailing three-month period, the fund remains down roughly 10% from its late-June closing level. Notably, Qualcomm itself declined only about 5% over that stretch, meaning QCML's quarterly loss was more than double the underlying stock's move. That gap reflects the path-dependency of daily-reset leveraged funds: when the underlying is volatile, compounding daily returns can cause the leveraged fund to lag two times the underlying's cumulative move.

What Drove QCML Price in the Last 30 Days

The fund's recent surge was powered almost entirely by a re-rating of Qualcomm's growth story around artificial intelligence (AI) data-center infrastructure. In early September, Qualcomm announced a multi-year collaboration with AMZN's Amazon Web Services to develop custom AI silicon and high-speed optical connectivity for AWS data centers. The agreement contemplates up to $60 billion of product purchases and includes purchase-linked warrants valued near $4 billion, giving investors a credible signal that Qualcomm can expand beyond its core smartphone business into hyperscale AI infrastructure. Qualcomm shares jumped roughly 10% on the announcement.

The momentum continued through late September as Qualcomm demonstrated optical interconnect technology with industry partners and as a broad semiconductor rally lifted the sector. Easing concerns over U.S.-China trade frictions and a reaffirmed bullish analyst rating added further support. Because QCML resets its 2x exposure daily, each of these up days compounded into an outsized gain for the fund.

What Drove QCML Performance Over the Last Quarter

The quarter's earlier weakness explains why QCML is still below its late-June level despite the recent rally. Qualcomm's fiscal third-quarter results, reported in late July, showed revenue down 4% year over year and net income down 25%, with handset-segment sales falling about 20%. A roughly 300% surge in memory-chip prices raised input costs and dampened smartphone demand, and Qualcomm's guidance came in below consensus. Shares fell sharply after the report.

That setback coincided with a broader correction in semiconductor equities, as investors questioned the durability of the AI capital-expenditure boom. The market also continued to price in the gradual wind-down of Qualcomm's modem-supply relationship with AAPL, a key long-term headwind for the handset business. For a daily-reset 2x fund, this sequence of volatile down and up days generated meaningful volatility drag, which is why the three-month return diverges from a simple two-times calculation of the underlying's move.

AI Screener

Investors tracking leveraged and single-stock ETFs can use Tickeron's AI Screener to scan thousands of securities using technical indicators, fundamentals, volatility metrics, price patterns, industry filters, and AI-generated signals. The platform helps users identify trending instruments, breakout candidates, and shifting sector leadership more efficiently than manual screening, which can be especially valuable when monitoring fast-moving themes such as the semiconductor and AI-infrastructure trade. Explore the AI Screener to streamline your research and surface new opportunities across the market.

QCML ETF Outlook: What Investors Should Watch Next

The path ahead for QCML will be dictated by the same forces now driving Qualcomm. Investors should monitor execution of the AWS data-center partnership, including whether initial product revenue begins to ramp as expected and whether Qualcomm's data-center revenue targets remain credible. Smartphone demand, memory-chip pricing, and the ongoing transition away from Apple modem supply will also shape the core business.

At the macro level, interest-rate expectations, AI capital expenditure trends, and overall semiconductor cycle dynamics will influence sentiment. Finally, investors should weigh the structural risks unique to QCML itself: daily-reset leverage, compounding effects, and volatility drag make this a trading instrument best suited to short holding periods rather than a long-term portfolio position. These factors, rather than any single catalyst, are likely to drive the fund's performance in the months ahead.

The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.

Disclaimers and Limitations