Qualcomm stock jumps 15% after-hours on Cristiano Amon's optimism
Qualcomm's stock shot up 15% after hours on Wednesday, thanks to CEO Cristiano Amon's positive outlook for a smartphone market rebound and new growth in data center chips.
Even though higher memory chip prices are making things tricky for consumers, Qualcomm says phone makers have solid plans ahead.
Still, their third-quarter revenue forecast of $9.2 billion to $10 billion is a bit lower than what Wall Street hoped for.
Qualcomm leverages $2.4B AlphaWave deal
To keep up with tech giants like Apple and Samsung, who are making their own chips, Qualcomm is doubling down on data center tech—especially CPUs and custom ASICs that help power AI in the cloud.
Their $2.4 billion AlphaWave deal is speeding things up, with new products set to ship by year-end.
As Amon put it, they're focused on "we have a lot of connectivity (intellectual property) that enables us to do that."