EL7.AI
StocksMediumUpdated×5•Originally published 27 April 2026•Updated 28 April 2026•
1 min read

Qualcomm Shares Extend Gains by 7% Amid Aggressive Buyback Plans and Mixed Earnings

Key Facts

1Qualcomm shares jumped 12% in premarket trading following reports of a partnership with OpenAI to develop smartphone processors.
2An analyst stated that OpenAI is working with Qualcomm and Taiwan's MediaTek to develop AI smartphone processors.

Qualcomm shares (QCOM) climbed approximately 7% in early Monday trading, reaching $148.85 and extending the momentum sparked by reports of a strategic partnership with OpenAI. While aggressive share buyback plans have supported the stock price, market attention is now shifting toward the company's Q2 earnings results scheduled for release this Wednesday. Investors are closely monitoring key technical resistance levels as they await fresh data on the company's financial health and revenue outlook. Analysts maintain that QCOM's strategic pivot toward AI-on-device hardware remains a primary driver of long-term optimism in the semiconductor space. The upcoming mid-week report is expected to provide clarity on whether the recent rally can be sustained against macroeconomic headwinds. Market participants remain focused on how the OpenAI collaboration will translate into future bottom-line growth.