QCOM Stock Is 7% From Its Record High; Executives To Join Trump In China Visit

• CEO Cristiano Amon told Fortune that QCOM is working with Meta and OpenAI on new hardware.
• Firm to be a part of Trump’s China visit next week.
• 11 out of 37 analysts rate the stock ‘buy’, 21 say ‘hold’, and five rate it ‘sell’, according to Koyfin data.

Qualcomm (QCOM) stock jumped 6% on Thursday to its highest in 22 months and is 7% away from hitting its record highs after a media report suggested that company executives will join U.S. President Donald Trump on his visit to China next week. 

The Trump administration plans to invite CEOs from Qualcomm, Nvidia, Apple, Exxon, Boeing, and other big companies to accompany the president on his trip to China next week, Semafor reported, citing people familiar with the matter. 

Purpose Of Trump’s Visit

The focus, administration officials said, is more on building the relationship between Trump and Xi Jinping, and there’s likely to be less commercial fanfare than on past foreign trips, including last year's to the Gulf.

Furthermore, the U.S. government is also working with allies in Asia, Europe, and the Middle East to address the global memory chip shortage through a supply chain coalition, Nikkei Asia reported on Tuesday. Officials are expected to visit the Philippines for the Pax Silica project after the meeting between President Donald Trump and China's Xi Jinping, providing a boost to the broader chipmaking industry.  

Qualcomm’s CEO Cristiano Amon, in an interview with Fortune on May 6, also highlighted that the chipmaker is working with “pretty much all” major AI players, including Meta and OpenAI, on a new top-secret hardware, stoking investors' interest as the company looks to move beyond smartphones, building a future with wearable AI, humanoid robots, and a 6G cellular network. 

Chipmaking stocks like QCOM, Advanced Micro Devices (AMD), Nvidia (NVDA), Marvell (MRVL), and Micron (MU) have seen their stock price soar recently over bets that the surge in AI usage will continue to drive the need for massive computing power. 

QCOM, which has historically been seen as a smartphone chipmaker, has pivoted to provide chips for AI computers via its Snapdragon X series and expanded into the automotive industry, providing computational power.

QCOM Retail View 

Retail sentiment on Stocktwits was ‘bullish’ with ‘high’ message volumes. 

One user highlighted the strong momentum in QCOM stock and the shift into the automotive sector. 

Another user noted that QCOM stock still has a lot of room to run. 

The stock has jumped 45% over the past 12 months. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.