Qualcomm Soars After Q2 Beat as AI Data-Center Chip Nears First Shipments

Overview

• Qualcomm shares jumped about 15% after it posted Q2 revenue of $10.599 billion and a record $1.326 billion from its automotive unit.
• CEO Cristiano Amon said AI agents are reshaping the roadmap and a custom chip for a leading hyperscaler is set for initial shipments later this year.
• Non-GAAP earnings were $2.65 per share, while GAAP net income rose 162% to $7.37 billion despite a slight revenue decline.
• Citi, JPMorgan, and Wells Fargo lifted their price targets to $160 but kept neutral ratings as they look for proof that the AI ramp delivers.
• A separate supply-chain note from analyst Ming-Chi Kuo, not confirmed by the companies, claimed OpenAI is working with MediaTek and Qualcomm on phone chips with Luxshare and a possible 2028 mass-production window.