Growth in Smartphone and PC Markets Keeps Us Bullish on These 3 Holdings

We are collecting third-quarter 2025 shipment data from IDC for the smartphone and PC markets, and the preliminary figures show year-over-year and quarter-over-quarter gains for both.

PC shipments rose just shy of 11% compared to Q2 2025 and were up by almost double digits on a year-over-year basis. Turning to smartphones, shipments in Q3 2025 rose 9.5% compared to the prior quarter and gained ground on a year-over-year basis as well.

Taking a closer look at the smartphone market, we can see Apple’s (AAPL) iPhone took market share during Q3 2025 with its quicker shipment pace of just over 26%. That led to Apple taking market share during the quarter and suggests a vibrant reception for its latest iPhone models.

Those figures support our decision yesterday to boost our AAPL target to $275, and they also support our One rating for Universal Display (OLED) . The reason is that Apple’s entire iPhone line-up utilizes organic light-emitting diode displays, as does a growing portion of the larger smartphone market.

That smartphone strength also keeps us bullish on Qualcomm (QCOM) , but so too does the strength we are seeing in the PC market. With support for Windows 10 ending today, prospects for the PC market and AI PC shipments remain favorable.

A September 2025 survey conducted by research firm Omdia of 453 PC channel partners revealed that only 39% said nearly all their customers had upgraded to Windows 11. Simple math tells us that means nearly 60% of the market remains.

Omdia also sees the AI PC arriving “in force” in 2026, which jives with other forecasts we’ve seen. That suggests we should see further gains in Qualcomm’s diversification plan in the coming quarters. We continue to see that triggering a re-think in how folks value QCOM shares, and that is what we aim to capture as shareholders.

In addition to the September-quarter earnings season and guidance for the holiday shopping season, before too long 2026 CES will be landing on investors' radar screens. When that event is held in January, we will be examining new PC, smartphone, and tablet announcements for AI and other features, and also for organic light-emitting diode displays. The more models that lean into AI, the more support they bring for our network congestion thesis behind Marvell (MRVL) and Arista Networks (ANET) . The more organic light-emitting diode display usage, the better for Universal Display.

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At the time of publication, TheStreet Pro Portfolio was long AAPL, OLED, QCOM, MRVL and ANET.