Key Highlights
- Qualcomm shares jumped more than 9% on May 11, reaching a record intraday peak of $247.90
- Fiscal Q2 2026 results exceeded expectations with earnings per share of $2.65 versus the $2.56 estimate, alongside $10.60 billion in revenue
- CEO Cristiano Amon announced plans to deliver data center processors to a major hyperscaler customer in 2026
- The 90-day pause in US-China tariffs removed concerns about handset inventory pressures in China
- Several Wall Street firms increased their price targets, including Daiwa’s upgrade to Outperform with a $225 objective
Qualcomm (QCOM) shares reached a record 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 time QCOM has closed at a record level since June 18, 2024.
The semiconductor giant has now gained more than 42% across five straight trading days, with month-to-date returns reaching 33%.
Momentum began building after the company unveiled its Q2 FY26 financial results on April 29th. Qualcomm delivered earnings per share of $2.65, surpassing Wall Street’s $2.56 projection, while revenue of $10.60 billion narrowly topped forecasts.
However, the quarterly results weren’t the primary catalyst.
CEO Cristiano Amon revealed that Qualcomm plans to supply data center processors to “a large hyperscaler” before calendar year 2026 concludes. This single statement transformed investor perception of the company’s future revenue potential.
The stock gained additional momentum following the announcement of a 90-day suspension in US-China tariffs. Qualcomm had previously issued Q3 guidance projecting revenue between $9.2 billion and $10.0 billion, citing inventory adjustments in China’s handset market. The tariff suspension eliminates this obstacle, providing stability to the Android replacement cycle in Qualcomm’s largest smartphone market.
Wall Street Raises Price Objectives
Daiwa Securities upgraded QCOM from Neutral to Outperform, elevating its price objective from $140 to $225. Tigress Financial increased its target to $280 while maintaining its Buy recommendation. Benchmark lifted its objective from $200 to $225 with a Buy rating. Roth MKM initiated coverage with a Buy recommendation.
The company also enhanced shareholder returns by authorizing an additional $20 billion for stock buybacks and increasing its quarterly dividend from $0.89 to $0.92 per share.
Automotive Business Reaches Milestone
Qualcomm’s automotive division generated a record $1.33 billion in Q2 FY26 revenue, representing 38% growth compared to the prior year. This marks another element of the diversification narrative resonating with investors.
QCOM has climbed 57% over the past twelve months and has nearly doubled from its 52-week closing low of $124.07 recorded on April 7, 2026.
The company’s Investor Day scheduled for June 24 represents the next significant event, where executives are anticipated to provide additional information about the data center opportunity. QCOM ranked as the top performer in both the S&P 500 and Nasdaq 100 on May 11, while also placing fourth in trading volume across both indices.
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