Qualcomm shares rise on AI chip and smartphone optimism
Qualcomm shares gained 10.3% as CEO Cristiano Amon predicted a smartphone market recovery. The firm is expanding into data centers and AI-focused chips.
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QUALCOMM INC shares rose 10.3% overnight as CEO Cristiano Amon projected a smartphone market recovery and new data center growth. The rally eclipsed a weak third-quarter forecast and follows a period of high memory costs and cooling consumer demand. Investors are betting on Amon's diversification strategy to reduce reliance on the cyclical handset market through AI-driven hardware.
