Key Highlights
- QCOM shares jumped more than 9% on May 11, reaching an all-time intraday peak of $247.90
- Second quarter FY26 results exceeded expectations with earnings per share of $2.65 versus consensus of $2.56, while revenue reached $10.60 billion
- CEO Cristiano Amon announced plans to ship data center processors to a “large hyperscaler” during 2026
- 90-day US-China tariff suspension removed pressure on China smartphone inventory, boosting investor sentiment
- Several Wall Street firms increased price targets, including Daiwa’s upgrade to Outperform with $225 price objective
Qualcomm (QCOM) shares reached an unprecedented intraday peak of $247.90 on May 11, 2026, climbing more than 9% during the session to trade around $239.24. This represents the first record closing level for the chipmaker since June 18, 2024.
The impressive performance extends the semiconductor giant’s gains to over 42% across five straight trading days — with a month-to-date increase of 33%.
Momentum began building after the company unveiled Q2 FY26 results on April 29th. Qualcomm delivered earnings per share of $2.65, surpassing Wall Street’s $2.56 estimate, while revenue of $10.60 billion slightly exceeded projections.
However, the financial results took a backseat to a major strategic announcement.
CEO Cristiano Amon revealed that the company plans to start delivering data center processors to “a large hyperscaler” before calendar year 2026 concludes. This announcement fundamentally altered investor perception of Qualcomm’s future revenue potential and growth trajectory.
The upward momentum accelerated when news broke of a 90-day US-China tariff suspension. Qualcomm’s Q3 guidance had projected revenue between $9.2 billion and $10.0 billion, partially reflecting inventory adjustments in China’s handset market. The tariff relief directly addresses this concern, providing stability to the Android device refresh cycle in the company’s largest smartphone market.
Wall Street Raises Price Targets
Daiwa Securities elevated QCOM to Outperform from Neutral, boosting its price target from $140 to $225. Tigress Financial increased its target to $280 while maintaining a Buy recommendation. Benchmark raised its objective to $225 from $200, also with a Buy rating. Roth MKM initiated coverage with a Buy designation.
The company also enhanced shareholder returns — management authorized an additional $20 billion for stock buybacks and increased the quarterly dividend from $0.89 to $0.92 per share.
Automotive Division Reaches Milestone
The automotive business unit achieved record quarterly revenue of $1.33 billion in Q2 FY26, representing 38% year-over-year growth. This performance strengthens the company’s diversification narrative that investors are increasingly embracing.
QCOM has gained 57% over the past year and has nearly doubled from its 52-week closing low of $124.07, recorded on April 7, 2026.
Investors are looking ahead to Qualcomm’s Investor Day scheduled for June 24, where leadership is anticipated to provide additional details about the data center strategy. On May 11, QCOM topped performance charts as the best-performing stock in both the S&P 500 and Nasdaq 100 indexes, while ranking fourth in trading volume across both benchmarks.
