Qualcomm (QCOM) Stock Hits Record High: 42% Rally Driven by Data Center Entry and Tariff Relief

Key Takeaways

• QCOM shares jumped more than 9% on May 11, reaching a record intraday peak of $247.90
• Fiscal Q2 2026 results exceeded expectations with earnings per share of $2.65 versus $2.56 consensus on $10.60 billion revenue
• CEO Cristiano Amon announced data center processor shipments to a major hyperscaler scheduled for 2026
• 90-day suspension of US-China tariffs reduced worries about Chinese smartphone inventory challenges
• Numerous Wall Street analysts increased price targets, including Daiwa’s upgrade to Outperform with $225 target

Qualcomm (QCOM) shares reached a historic intraday peak of $247.90 on May 11, 2026, climbing more than 9% during the session to trade near $239.24. This represents the first record closing level for the chipmaker since June 18, 2024.

QUALCOMM Incorporated, QCOM

The semiconductor giant has skyrocketed over 42% across five straight trading days, representing a month-to-date gain of 33%.

Momentum began accelerating after the company unveiled its Q2 fiscal 2026 results on April 29th. Qualcomm delivered earnings per share of $2.65, surpassing Wall Street’s $2.56 estimate, while revenue reached $10.60 billion—marginally above projections.

However, the quarterly earnings performance took a back seat to forward-looking announcements.

CEO Cristiano Amon revealed that the company plans to deliver data center processors to “a large hyperscaler” before calendar year 2026 concludes. This strategic disclosure fundamentally altered investor perceptions of Qualcomm’s future revenue potential and growth trajectory.

The upward momentum accelerated further when news broke of a 90-day US-China tariff suspension. Qualcomm had previously issued Q3 guidance projecting $9.2–$10.0 billion in revenue, with cautious notes regarding China smartphone inventory corrections. The temporary tariff relief eliminates this obstacle, providing stability to the Android device refresh cycle in Qualcomm’s largest handset market.

Wall Street Sentiment Turns Decisively Bullish

Daiwa Securities elevated QCOM to Outperform from Neutral while boosting its price objective to $225 from $140. Tigress Financial increased its target to $280 while maintaining its Buy recommendation. Benchmark lifted its forecast to $225 from $200 with a Buy rating intact. Roth MKM initiated coverage with a Buy rating as well.

The company also enhanced shareholder returns—Qualcomm’s board approved an additional $20 billion stock buyback authorization and increased the quarterly dividend from $0.89 to $0.92 per share.

Automotive Business Reaches Milestone

Qualcomm’s automotive division achieved record quarterly revenue of $1.33 billion in Q2 fiscal 2026, representing 38% year-over-year growth. This milestone reinforces the diversification narrative that investors are increasingly embracing.

QCOM has gained 57% over the past twelve months and has nearly doubled from its 52-week closing low of $124.07, recorded on April 7, 2026.

The next significant event is Qualcomm’s Investor Day scheduled for June 24, where executives are anticipated to provide comprehensive details about the data center business opportunity. On May 11, QCOM led both the S&P 500 and Nasdaq 100 in percentage gains while ranking fourth in trading volume across both indices.

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