data center chips

Qualcomm Shares Rally After CEO Announces Data Center Chip Shipments to Hyperscaler

Qualcomm shares recovered from a 7% drop after CEO Cristiano Amon announced the company will begin shipping data center chips to a large hyperscaler within the calendar year. The chipmaker reported Q2 adjusted EPS of $2.65, beating estimates, but issued a Q3 revenue forecast of $9.2B-$10B, below the $10.19B expected. Despite falling behind Nvidia in the AI chip race, Qualcomm unveiled data center chips last year and announced a partnership with OpenAI to develop AI chips for smartphones.