Qualcomm Inc (NASDAQ:QCOM) is trading higher by over 9% on Monday as traders lean into the company's AI and data-center narrative after the CEO comments and a recent earnings beat, even while the Communication Services sector is sliding and the S&P 500 is modestly higher.

The latest push follows Qualcomm's fiscal second-quarter report on April 29, when it posted adjusted EPS of $2.65 on revenue of $10.60 billion, topping consensus estimates of $2.56 and $10.59 billion, respectively.

Management also pointed to capital returns, including $5.4 billion of buybacks in the first half of fiscal 2026 and a newly announced $20 billion repurchase authorization.

Qualcomm is expanding beyond smartphones by partnering with major AI companies and investing in next-generation wireless Technology as it positions itself for the coming wave of AI-powered devices and services.

Qualcomm Bets On AI Wearables Beyond Smartphones

Qualcomm CEO Cristiano Amon said the company is working with major AI players, including OpenAI and Meta, on new wearable devices designed to reduce reliance on smartphones.

Amon described a future in which devices such as smart glasses, earbuds, and wearable pins continuously gather information about users and enable AI assistants to automatically handle daily tasks like paying bills, managing appointments, and comparing prices.

He said Qualcomm expects AI assistants to become mainstream between 2027 and 2028, marking a major shift in how consumers interact with Technology.

Qualcomm And Samsung Improve Wireless Connectivity

Separately, Qualcomm partnered with Samsung Electronics Co, Ltd (OTC:SSNLF) to improve wireless internet performance for homes and businesses using 5G technology.

The companies said their latest testing delivered significantly faster upload speeds and broader network coverage, especially in crowded cities and weak-signal areas.

Samsung said the technology could help support growing demand for AI services, video applications, and connected devices. In contrast, Qualcomm said the partnership aims to deliver stronger, more reliable internet connections for everyday users.

With markets open, the broader tape is mildly constructive (S&P 500 up 0.3% and Nasdaq up 0.16%), but Qualcomm's move stands out, as Communication Services is down 1.05% and currently ranks 9th out of 11 sectors. Market breadth is positive (7 sectors advancing vs. 4 declining), and strength in Technology (up 1.12%) is helping sustain risk appetite.

Earnings & Analyst Outlook

Looking further out, the next major catalyst for the stock arrives with the July 29, 2026 (estimated) earnings report.

  • EPS Estimate: $2.09 (Down from $2.77 YoY)
  • Revenue Estimate: $9.67 Billion (Down from $10.37 Billion YoY)
  • Valuation: P/E of 23.6x (Suggests fair valuation relative to peers)

Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price target of $170.52. Recent analyst moves include:

  • Tigress Financial: Buy (Raises Target to $280.00) (May 8)
  • Daiwa Capital: Upgraded to Outperform (Raises Target to $225.00) (May 8)
  • JP Morgan: Neutral (Raises Target to $160.00) (April 30)

Top ETF Exposure

  • Tema Global Royalties ETF (NASDAQ:ROYA): 5.25% Weight
  • First Trust Nasdaq Semiconductor ETF (NASDAQ:FTXL): 7.27% Weight
  • VanEck Fabless Semiconductor ETF (NASDAQ:SMHX): 4.80% Weight

Significance: Because QCOM carries such a heavy weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock.

Price Action

QCOM Stock Price Activity: Qualcomm shares were up 9.32% at $239.50 at the time of publication on Monday. The stock is trading at a new 52-week high, according to Benzinga Pro data.

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