"While Qualcomm will have visibility into stabilizing handset revenues, the smartphone industry is hardly out ⁠of the woods with the likelihood of further pressure in the underlying market, with ⁠further worsening of memory shortages and memory price increases," analysts at J.P. Morgan said.

OpenAI is building an agent-first phone with Qualcomm, MediaTek, and Luxshare, per analyst Ming-Chi Kuo. No apps, just agents. Mass production targeted 2028. Qualcomm surged 13% on the report.

Buy Qualcomm (QCOM) only if it sells off on Wednesday earnings, using the post-earnings dip as the entry. Valuation is already cheap (forward P/E ~13 vs sector ~24) and the market is expecting EPS decline;

Smartphone sales have hovered in a rut for years, with global shipments often flat or down amid longer replacement cycles. Investors wondered whether AI could spark the next big upgrade wave — or if the iPhone’s ecosystem lock would keep Apple (NASDAQ:AAPL | AAPL Price Prediction) dominant no matter what.

Qualcomm jumps after a tech supply chain analyst says OpenAI is working with the chip maker to develop smartphone processors.

A report that OpenAI missed key 2025 targets is hitting tech stocks at a critical time for the AI trade, with investors gearing up for tech earnings.