Key Highlights
- QCOM shares jumped more than 9% on May 11, reaching an unprecedented intraday peak of $247.90
- Fiscal Q2 2026 results exceeded expectations: $2.65 EPS versus $2.56 consensus, with $10.60B in revenue
- CEO Cristiano Amon announced upcoming data center processor deliveries to a major hyperscaler in 2026
- 90-day US-China tariff suspension removed concerns about Chinese smartphone inventory challenges
- Analysts across Wall Street elevated price targets, including Daiwa’s upgrade to Outperform at $225
Qualcomm (QCOM) shares reached a historic intraday peak of $247.90 during trading on May 11, 2026, climbing more than 9% to approximately $239.24. This represents QCOM’s first record closing level since June 18, 2024.
The remarkable ascent propelled Qualcomm upward by more than 42% across five straight trading days — representing a 33% gain for the month.
Momentum began accelerating after the chipmaker unveiled its second-quarter fiscal 2026 results on April 29th. Qualcomm delivered earnings per share of $2.65, surpassing the Street’s $2.56 estimate, while revenue of $10.60 billion slightly topped projections.
However, the quarterly beat represented only part of the story.
Chief Executive Cristiano Amon revealed that Qualcomm’s data center processors would ship to “a large hyperscaler” before the close of calendar 2026. This singular announcement fundamentally altered investor perception regarding the company’s future earnings potential.
The stock gained additional momentum when the United States and China agreed to a 90-day tariff suspension. Qualcomm had previously projected third-quarter revenue between $9.2 billion and $10.0 billion, partially attributing conservative guidance to inventory adjustments within China’s handset market. The tariff relief directly eliminates this obstacle, providing stability to the Android device refresh cycle in Qualcomm’s largest smartphone territory.
Wall Street Raises Targets
Daiwa Securities elevated QCOM from Neutral to Outperform, increasing its price objective to $225 from $140. Tigress Financial pushed its target higher to $280 while maintaining a Buy recommendation. Benchmark raised its forecast to $225 from $200, also rating shares a Buy. Roth MKM initiated coverage with a Buy rating.
The company simultaneously enhanced shareholder returns — approving an additional $20 billion stock buyback authorization while increasing its quarterly dividend from $0.89 to $0.92 per share.
Auto Business Achieves Milestone
Qualcomm’s automotive division generated a record $1.33 billion during the second fiscal quarter of 2026, representing 38% year-over-year growth. This performance underscores the diversification narrative attracting investor attention.
QCOM has advanced 57% year-over-year and nearly doubled from its 52-week closing low of $124.07, registered on April 7, 2026.
Investors are now focused on Qualcomm’s Investor Day scheduled for June 24, where executives are anticipated to provide expanded details regarding the data center initiative. QCOM led both the S&P 500 and Nasdaq 100 in performance on May 11, while ranking fourth by trading volume in each index.
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