Wolfe Research has downgraded Qualcomm Inc. ($QCOM) from 'Outperform' to 'Peerperform,' citing concerns over the anticipated impact of Apple's internal modem on Qualcomm's market position. The downgrade reflects a broader view that premium Android devices have reached a normalization point and that growth in AI handsets and Internet of Things (IoT) markets may face challenges. This downgrade follows a series of analyst calls and market movements, including a double downgrade of Pacira BioSciences by JPMorgan after a patent ruling, indicating a cautious sentiment in the tech and biotech sectors.