Overview
- Qualcomm rose about 6% after Daiwa raised its rating to Outperform and set a $225 price target.
- The stock reached a new 52-week high after an earlier 8% jump tied to reports of an OpenAI smartphone chip targeted for 2028 that neither company has confirmed.
- Management said it expects first shipments of new data-center chips to a major cloud provider within the year, with details planned for the June 24 Investor Day.
- Fiscal Q2 beat forecasts with adjusted EPS of $2.65 on $10.60 billion in revenue, and the automotive unit topped a $5 billion annualized pace.
- Qualcomm closed the $2.3 billion Alphawave acquisition and authorized a $20 billion buyback, reinforcing its shift into AI compute and its focus on shareholder returns.