Qualcomm shares jump 13% premarket on report of OpenAI smartphone chip partnership
Qualcomm shares jumped 13.5% in premarket trading after analyst Ming-Chi Kuo reported that OpenAI is working with Qualcomm and MediaTek to develop smartphone processors. The partnership is expected to drive a new hardware upgrade cycle in smartphones, benefiting chipmakers positioned in mobile processors.
Qualcomm shares rose sharply in premarket trading after TF International Securities analyst Ming-Chi Kuo reported that OpenAI is working with Qualcomm and MediaTek to develop smartphone processors. Luxshare is expected to be the exclusive system co-design and manufacturing partner, with mass production targeted for 2028. The report suggests that artificial intelligence could drive a new hardware upgrade cycle in smartphones, potentially benefiting chipmakers. Both Qualcomm and MediaTek could see long-term demand support as replacement cycles accelerate alongside more advanced AI capabilities on devices. The news follows a strong session on Friday, when Qualcomm surged 11% as a broader rally in semiconductor stocks gathered pace. Intel's Q1 2026 earnings also fueled optimism around chip demand and AI-related spending.
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