Rasgon downgraded Qualcomm from Outperform due to memory price pressures sucking supply towards AI, hurting smartphones, and the persistent "Apple roll-off" headwind where the street's revenue estimates are too high. Memory shortages will significantly pressure smartphone sales, and Qualcomm's revenue cannot grow while losing Apple's business, despite its diversification efforts. The combination of sector-wide headwinds and a company-specific overhang makes the stock unattractive in the near term. A faster-than-expected resolution to memory supply constraints or a surprise new major design win offsetting Apple losses.