Qualcomm shares jump as AI sparks rebound in Chinese smartphone market

shares climbed about 10 per cent to a more than two-year high on Thursday after the smartphone-focused chipmaker signaled an AI-fueled rebound in demand, especially in China, following a years-long slump.

“Chinese vendors who traditionally relied more on MediaTek, are going to start leveraging Qualcomm’s high-end chips more as they push hard into the AI Agenda,” said IDC analyst Nabila Popal. The company, the biggest supplier of smartphone chips, was on course to add more than $18-billion to its market value if the gains hold during the session.

According to preliminary data from research firm IDC, in the high-end segment, the AI buzz and the foldable products allowed the Android smartphone vendors to further differentiate themselves from Apple and garnered increased interest from Chinese consumers in the first quarter of 2024.

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