Qualcomm shares surged more than 10% in premarket trading after investors focused on the company’s optimism around artificial intelligence and a potential recovery in the smartphone market.
CEO Cristiano Amon said the company expects demand for smartphones to begin stabilizing after a challenging period, while highlighting strong growth opportunities in AI-driven data centre chips, News.Az reports, citing Reuters.
The upbeat outlook appeared to outweigh concerns over Qualcomm’s weaker-than-expected third-quarter forecast, which reflects ongoing pressure in the global smartphone market due to rising component costs and cautious consumer spending.
As one of the world’s largest suppliers of mobile processors, Qualcomm has been working to diversify beyond handsets by expanding into high-growth areas such as AI accelerators, data centre processors, and automotive chips.
The company is also preparing to enter the competitive data centre chip market later this year, positioning itself against established players and tapping into rising demand for AI infrastructure.
Despite investor enthusiasm, some analysts remain cautious, warning that challenges such as memory shortages and high chip prices could continue to weigh on the broader smartphone industry.
Still, Qualcomm’s push into AI and next-generation computing is increasingly seen as a key driver of its long-term growth strategy.
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