Qualcomm Hits 52-Week High on OpenAI Chip Deal and Strong Earnings

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2026-05-08 06:23:02

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Qualcomm (QCOM) surged 8.49% to $208.92, briefly touching a 52-week high of $209.23 after reports of a partnership with OpenAI to develop an AI-native smartphone chip. Mass production is targeted for 2028.

The rally builds on momentum from Q2 earnings that beat estimates: $2.65 EPS vs. $2.56 expected, with revenue of $10.60 billion. Automotive revenue crossed $5 billion annualized, with CEO Cristiano Amon projecting a $6 billion run rate by fiscal 2026.

Argus raised its price target to $220, maintaining a Buy rating. The stock’s move reflects growing investor confidence in Qualcomm’s dual engines—AI partnerships and automotive growth.

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