# Qualcomm stock jumped nearly 15% on Thursday morning as investors became more excited about the company's growing role in the AI market.

*semiconductor · news · 2026-05-07 · The Economic Times*

## Key points

- Qualcomm is partnering with OpenAI to develop an AI-focused smartphone chip for production in 2028.
- Qualcomm completed a $2.3 billion acquisition of Alphawave to grow its data center business.
- Qualcomm’s automotive business crossed $5 billion in annualized revenue for the first time.
- The company announced a $20 billion stock buyback and raised its quarterly dividend to $0.92.
- US-China tariff pause provided relief for Qualcomm by reducing concerns over weak Chinese smartphone demand.

**Companies:** Qualcomm
**Countries:** United States, China

[Read the full story on The Economic Times](https://economictimes.indiatimes.com/news/international/us/qualcomm-stock-jumps-15-as-ai-partnership-with-openai-new-snapdragon-chips-and-strong-earnings-boost-investor-confidence/articleshow/130914988.cms)

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