Shares of San Diego-based semiconductor company Qualcomm surged 12% premarket on Monday after rumors surfaced that the company is partnering with OpenAI to develop smartphone processors.
The news broke when tech analyst Ming-Chi Kuo from TF International Securities posted on X that OpenAI is collaborating with Qualcomm and Taiwanese semiconductor designer MediaTek to develop smartphone processors.
If confirmed, the partnership would give Qualcomm’s revenue growth outlook a major boost, Kuo said.
TF International Securities analyst Ming-Chi Kuo runs a popular X account where he shares analysis and market news related to tech companies. According to X, his Qualcomm post has been seen 420,000 times.
Today’s stock jump extends Qualcomm’s 11% gain from Friday. The stock remains approximately 13% lower year to date, but has increased 20% since April 7.
Qualcomm is due to release its Q2 earnings on Wednesday.
By CEO NA Editorial Staff
