Qualcomm surges on rumored openai smartphone collaboration

Qualcomm's stock surged over 8% on reports of a potential collaboration with OpenAI on a new smartphone. The speculation, fueled by analyst Ming-Chi Kuo, suggests the AI firm is teaming up with both Qualcomm and MediaTek to develop processors for future handsets.

Openai partnerships boost qualcomm's prospects

Kuo's research indicates that Luxshare is acting as Qualcomm's exclusive partner for co-design and manufacturing of the system. The news sent Qualcomm's shares soaring while Luxshare's stock jumped over 10% in the Shenzhen market.

However, Apple took a hit, with its shares plummeting up to 2.2% in New York trading. According to Kuo, mass production is expected to begin in 2028, with specifications and providers expected to be finalized by late 2026 or early 2027.

This comes as a welcome boost for Qualcomm, which has been struggling this year, with its shares plummeting 7% in 2026 to become the worst performer in the Philadelphia Semiconductor Index. The company's woes stem from a growing demand for memory driven by data center AI development, which has led to supply shortages and higher prices for consumer electronics manufacturers.