Qualcomm Jumps 8.7% to $238.46, Nearing Record Close on AI and Data-Center Demand
Updated
Updated · Barron's · May 11
Qualcomm Jumps 8.7% to $238.46, Nearing Record Close on AI and Data-Center Demand
2 articles · Updated · Barron's · May 11
Qualcomm rose 8.7% to $238.46 on Monday, putting the stock on pace for its first record close since June 18, 2024, and making it one of the S&P 500's top performers.
AI-fueled chip buying drove the move, while investors also leaned into Qualcomm's expanding data-center push after management said initial shipments of a custom chip to a large hyperscaler should begin in the December quarter.
The rally has accelerated sharply: Qualcomm is headed for a fifth straight daily gain, up 40% over that span, with shares now up 30% in May, 37% this year and 54% over 12 months.
Sector momentum remains intense—the PHLX Semiconductor Index is in its biggest 25-day rally since the 2000 dot-com bubble—though peers were mixed Monday, with Nvidia up 1.3% while AMD and Arm slipped.
The surge also reflects a broader shift in the Qualcomm story, from a smartphone-centric cyclical name to a more diversified growth play spanning automotive, IoT and AI applications.
Is Qualcomm's record stock price fueled by true innovation or a risky, debt-driven AI bubble?
With Arm now making its own chips for Meta, can Qualcomm's data center ambitions still succeed?