Qualcomm shares jump as AI sparks rebound in Chinese smartphone market

News Snapshot:

Qualcomm QCOM-Q shares climbed about 10 per cent to a more than two-year high on Thursday after the smartphone-focused chipmaker signaled an AI-fueled rebound in demand, especially in China, following a years-long slump. Sales to Chinese smartphone makers jumped 40 per cent in the first half of its fiscal year, the company said on Wednesday, as buyers there gravitate toward higher-priced devices that can accommodate AI chatbots. “Chinese vendors who traditionally relied more on MediaTek, are going to start leveraging Qualcomm’s high-end chips more as they push hard into the AI Agenda,” said IDC analyst Nabila Popal. “They further represent...