Qualcomm shares fell about 5% in premarket trading on Thursday after the chipmaker's warning about higher memory costs and a steeper decline in Apple revenue raised concerns about near-term profit growth.A surge in AI infrastructure spending has tightened semiconductor supply chains, driving up costs for memory, wafers, packaging and ‌testing. Qualcomm ⁠plans to ⁠pass on those increases to customers through double-digit price hikes."Cost increases and higher ​spending are significantly impacting margins, and while the company is trying to raise ​prices to compensate, the forthcoming data-center ramp seems likely to more than offset that pricing action," Bernstein analysts said.Qualcomm said on Wednesday the ​benefits from price increases would emerge gradually ⁠over the ‌next couple of quarters, and margins will be ​under pressure ​in the near term as existing contracts expire and ⁠new product cycles begin.For the current quarter, Qualcomm ​forecast adjusted profit per share in the range of $2.05 ​to $2.25, well below LSEG-compiled analysts' average estimate of $2.36.The company said its modem share in the upcoming iPhone would be materially lower than its prior 20% estimate, indicating the Apple business will shrink faster than anticipated.The chipmaker remained optimistic about its AI and data ‌center expansion, saying growth in non-handset revenue is expected to accelerate to more than 60% in fiscal 2027 ​from 24% in ​fiscal 2026.Still, analysts ⁠at TD Cowen cautioned that the diversification story would take time to play out, noting that initial data center programs carry lower margins.At ​least six analysts cut their price targets on the stock, with the mean target now at $208.68.Qualcomm trades at 14.31 times its expected earnings over the next 12 months, compared with 43.85 times for Intel and 17.49 times for Nvidia.