Qualcomm Inc. (NASDAQ:QCOM) stock jumped over 9% on Tuesday as investors reacted to a double-beat and upbeat commentary on AI-driven product plans.

Earnings Beat Drives Stock Move

On April 29, Qualcomm posted second-quarter adjusted EPS of $2.65 on revenue of $10.60 billion, topping consensus estimates of $2.56 and $10.59 billion, respectively.

The company said it completed $5.4 billion in buybacks in the first half of fiscal 2026 and recently announced a new $20 billion repurchase authorization.

AI Roadmap And Hyperscaler Push

Qualcomm CEO Cristiano Amon told CNBC that the company will begin shipping data center chips to a large hyperscaler within the year, with more details expected at its June investor day.

Amon said the rise of AI agents is reshaping Qualcomm's roadmap across all platforms, highlighting a broader industry transformation driven by artificial intelligence.

Smartphone Recovery And Expanding AI Ties

Amon told Reuters that Qualcomm expects the smartphone market to rebound after its fiscal third quarter, adding that it can now identify a bottom in the cycle based on insights from its licensing business.

He also highlighted growing opportunities in data center chips, noting that Qualcomm is working with customers across CPUs, inference accelerators, and custom ASICs and is executing across all three following its AlphaWave acquisition.

Amon added that the company is expanding its presence in the data center market from a small base, while continuing to build capabilities and customer engagement as cloud providers increase demand for inference-related computing.

Qualcomm Technical Analysis

From a longer-term trend perspective, QCOM is extended above its key moving averages—trading 26.6% above the 20-day SMA ($142.42) and 15% above the 200-day SMA ($156.80)—which is consistent with a strong intermediate up-leg.

That said, the chart still carries some historical baggage because the 50-day SMA remains below the 200-day SMA, keeping the February "death cross" in the background even as the price has recovered.

Momentum is the key near-term tension: RSI is 71.26, which is overbought and often signals the move is getting stretched and more vulnerable to pullbacks or sideways digestion.

In this setup, RSI doesn't mean the trend must reverse, but it does raise the odds that upside progress slows unless fresh catalysts keep buyers pressing.

  • Key Resistance: $184.50 — a nearby pivot area where the current rebound could stall before a push toward the upper end of the 52-week range
  • Key Support: $153.50 — a prior demand zone that sits closer to the longer-term trend area (near the 200-day neighborhood)

Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price target of $166.24 (based on 41 analysts), with targets ranging from $100.00 to $225.00. Recent analyst moves include:

  • JP Morgan: Neutral (Raises Target to $160.00) (April 30)
  • UBS: Neutral (Raises Target to $170.00) (April 30)
  • TD Cowen: Buy (Raises Target to $200.00) (April 30)

Qualcomm Price Action

QCOM Price Action: Qualcomm shares were up 9.57% at $184.49 at the time of publication on Tuesday, according to Benzinga Pro data.

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