Qualcomm Shares Rise on Optimism About Smartphone and AI Chip Markets Despite Weak Forecast
Qualcomm's shares surged over 13% as CEO Cristiano Amon expressed optimism about a smartphone market recovery and growth in data center and AI chips, despite a weak third-quarter forecast. The company is diversifying beyond its reliance on the smartphone market, which has been impacted by rising memory chip prices and Apple's shift to in-house modem chips.
Topics: AI chips Apple data center processors Qualcomm smartphone market