Overview
- Shares jumped after Daiwa lifted the stock to Outperform with a $225 target, with Qualcomm trading near $217 and approaching its $223.66 high.
- Momentum follows an April 29 earnings beat, as adjusted EPS reached $2.65 on $10.60 billion in revenue.
- CEO Cristiano Amon said the company expects initial shipments of a custom data‑center chip to a large cloud provider within the year, with more detail slated for the June 24 investor day.
- Market reports of a Qualcomm–OpenAI effort to build an AI‑native phone chip point to a 2028 production goal, though neither company has confirmed the project.
- Supportive moves include a new $20 billion buyback, the Alphawave acquisition to deepen data‑center work, and an auto unit now above $5 billion in annualized sales with a run‑rate goal above $6 billion by fiscal 2026.