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.

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