Key Highlights
- QCOM shares jumped more than 9% on May 11, reaching a record intraday peak of $247.90
- Second-quarter fiscal 2026 results exceeded expectations: EPS of $2.65 versus $2.56 consensus, with $10.60 billion in revenue
- CEO Cristiano Amon announced data center chip deliveries to a major hyperscaler scheduled for 2026
- 90-day pause on US-China tariffs removed concerns about handset inventory issues in China
- Wall Street analysts increased price targets, including Daiwa’s upgrade to Outperform with a $225 price objective
Qualcomm (QCOM) reached an unprecedented intraday peak of $247.90 on May 11, 2026, climbing more than 9% during the session to settle around $239.24. This represents the first record close for the chipmaker since June 18, 2024.
The semiconductor giant has skyrocketed more than 42% across five straight trading days—posting a remarkable 33% gain for the month.
Momentum began building after the company unveiled its Q2 fiscal 2026 results on April 29th. Qualcomm delivered earnings per share of $2.65, topping Wall Street’s $2.56 projection, while revenue came in at $10.60 billion—slightly ahead of forecasts.
Yet the earnings beat wasn’t what captured investor attention.
CEO Cristiano Amon revealed that Qualcomm plans to deliver data center processors to “a large hyperscaler” by the close of calendar 2026. This revelation fundamentally altered Wall Street’s perspective on the company’s future revenue potential.
The stock gained additional momentum when the 90-day US-China tariff suspension was announced. Qualcomm had previously issued Q3 guidance ranging from $9.2 billion to $10.0 billion in revenue, partially attributed to inventory adjustments in China’s handset market. The tariff relief eliminates this obstacle, providing stability to the Android replacement cycle in Qualcomm’s largest smartphone territory.
Wall Street Raises Targets Across the Board
Daiwa elevated QCOM to Outperform from Neutral while boosting its price objective to $225 from $140. Tigress Financial increased its target to $280 while maintaining its Buy recommendation. Benchmark lifted its forecast to $225 from $200 with a Buy rating. Roth MKM initiated coverage with a Buy recommendation.
The company also enhanced shareholder returns—Qualcomm’s board approved an additional $20 billion for stock buybacks and increased the quarterly dividend from $0.89 to $0.92 per share.
Automotive Division Reaches New Milestone
Qualcomm’s automotive business delivered record-breaking results with $1.33 billion in Q2 fiscal 2026 revenue, representing 38% year-over-year growth. This performance reinforces the diversification narrative that’s resonating with investors.
QCOM has climbed 57% over the past year and has nearly doubled from its 52-week low of $124.07, reached on April 7, 2026.
The next significant event is Qualcomm’s Investor Day scheduled for June 24, where executives are anticipated to provide expanded details on the data center opportunity. On May 11, QCOM topped performance charts for both the S&P 500 and Nasdaq 100, while ranking fourth in trading volume for both indices.
