US Stock Market Move | Qualcomm (QCOM.US) soars more than 13% as data center business makes breakthrough

On Thursday, Qualcomm (QCOM.US) surged more than 13% to $176.59. On the news front, Qualcomm had previously released two positive signals when announcing its quarterly performance, namely progress in its data center business and the expectation that the Chinese smartphone market is bottoming out in the third quarter and will subsequently rebound with sequential growth, boosting investor confidence. China is one of Qualcomm's largest markets, and this assessment is seen as an important positive signal for the improvement of the company's mobile business prospects. Qualcomm stated that a leading hyperscale cloud service operator is expected to start using its chip products later this year, marking a key breakthrough for the company's entry into the data center market. The market believes this is also an important advancement for Qualcomm entering the AI infrastructure growth track currently dominated by Intel. Qualcomm expects third-quarter revenue up to June to be between $9.2 billion and $10 billion. Even though the upper limit of the guidance is still lower than the analyst average expectation of $10.2 billion, the market clearly focuses more on the signals of recovery. Additionally, to further boost investor confidence, Qualcomm also announced a maximum $20 billion stock buyback plan.