On Tuesday, Qualcomm Inc. (NASDAQ:QCOM) experienced a notable decline, with shares down 6.70% to $203.17. This drop follows a dramatic surge the previous day, which was fueled by a social media post claiming that NVIDIA CEO Jensen Huang endorsed Qualcomm stock. However, doubts about the authenticity of the video led to profit-taking among traders. The Nasdaq and S&P 500 also saw declines of 0.71% and 0.18%, respectively. In addition to the market fluctuations, Qualcomm announced a partnership with SLB Ltd. to enhance edge AI solutions for the energy industry, integrating Qualcomm's low-power computing with SLB's IoT technologies. Despite the recent volatility, Qualcomm's stock remains approximately 15% above its 50-day simple moving average (SMA) and 24% above its 200-day SMA, indicating a bullish long-term outlook. However, shares are currently about 8.8% below the 20-day SMA, which could signal short-term momentum challenges.