QUALCOMM Stock Jumps Double Digits After Surprise AI Chip Report

With stock buybacks of $9.91 billion in the 12 months through September 2025, QUALCOMM Incorporated (NASDAQ:QCOM) is among the 20 Stocks with the Biggest Share Buybacks.

QUALCOMM Incorporated (NASDAQ:QCOM) shares surged on April 27 after analyst Ming-Chi Kuo stated on social media that industry checks indicate OpenAI is working with MediaTek Inc. and Qualcomm to develop smartphone processors. Following the report, Qualcomm shares rose 11%, or $16.65, to $165.50 in premarket trading, reflecting investor enthusiasm over a potential high-profile AI-driven mobile chip opportunity.

Earlier that same day, analyst Ming-Chi Kuo said via X that, according to his latest supply-chain checks, OpenAI is collaborating with MediaTek and QUALCOMM Incorporated (NASDAQ:QCOM) on smartphone processors, with Luxshare Precision Industry Co., Ltd. serving as the exclusive system co-design and manufacturing partner. Kuo added that mass production is expected in 2028 and that Qualcomm and MediaTek could benefit from long-term device replacement demand.

QUALCOMM Incorporated (NASDAQ:QCOM) is a leading American technology company focused on wireless innovation, semiconductors, and mobile connectivity solutions. Headquartered in San Diego, California, the company was founded in 1985 and remains a core supplier of modem, processor, and communications technologies used across the global smartphone ecosystem.

Potential involvement in next-generation AI smartphones could open a new growth avenue for Qualcomm while reinforcing its leadership in premium mobile chipsets. Combined with $9.91 billion of stock buybacks over the prior twelve months, the company offers investors a compelling mix of innovation exposure and capital returns.

While we acknowledge the risk and potential of QCOM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than QCOM and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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