Qualcomm (QCOM) Stock Hits All-Time High on AI Chip Momentum

TLDR

• QCOM surged 8.4% on Monday to $237.53, setting a new record closing high
• The stock has rallied 32% in May and is up 39% year-to-date
• CEO Cristiano Amon confirmed a custom data-center chip will ship to a major hyperscaler in Q4 2026
• Daiwa Securities upgraded QCOM from Neutral to Outperform with a $225 price target
• The five-day winning streak marks Qualcomm’s best such run since April 2019

Qualcomm closed Monday at $237.53, up 8.4% on the day and above its previous record close of $227.09 set in June 2024. It was one of the top performers in the S&P 500 for the session.

QUALCOMM Incorporated, QCOM

The move extends a strong run. QCOM has now closed higher in five straight sessions, gaining 41% over that span. That’s the stock’s best five-day stretch since late April 2019, according to Dow Jones Market Data.

The rally comes after Qualcomm reported fiscal second-quarter earnings on April 29 that beat Wall Street estimates on both revenue and profit. The numbers were solid, but it was what came after that got investors moving.

CEO Cristiano Amon told analysts that initial shipments of a custom data-center chip are set to begin in the December quarter with a major hyperscaler. The client wasn’t named, but Amon described it as a “large hyperscaler” and hinted at a multi-generation engagement. More details are expected at Qualcomm’s investor day in June.

That disclosure shifted the conversation. Investors have long viewed Qualcomm as a smartphone chip company, but the data-center move signals something different — a company pushing into AI infrastructure at scale.

Wall Street Responds

Following the earnings report and Amon’s comments, analyst upgrades followed. Daiwa Securities moved QCOM from Neutral to Outperform and raised its price target to $225. Tigress Financial and Benchmark also lifted their targets.

Despite the bullish price action, the average analyst rating across more than 40 polled by FactSet remains a Hold, with an average price target of $176.72. At current prices, QCOM is trading roughly 34% above that consensus target.

The broader chip sector also helped Monday’s move. Intel gained 3.6% after a report it reached a preliminary deal to manufacture chips for Apple devices. The PHLX Semiconductor Index recently logged its largest 25-day rally since the dot-com bubble in 2000.

A Broader Business

Qualcomm has been building out revenue streams beyond smartphones, including automotive, the internet of things, and AI-driven applications. The company’s fiscal Q2 results reflected that diversification, with multiple end markets contributing.

Global semiconductor sales are projected to surpass $1 trillion this year, driven largely by AI infrastructure and data-center demand. That tailwind has lifted the sector broadly, and Qualcomm appears to be positioning itself to capture a piece of the data-center market it hasn’t historically competed in.

QCOM is up 36% since January 1. Over the past 12 months, the stock has gained 56%.

The company is set to provide more information on its data-center ambitions at its investor day in June.

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