Qualcomm Stock Rallies Ahead of Trump-China Visit Amid Growing Interest in Chipmakers

Qualcomm's stock (QCOM) surged 6% on Thursday to its highest in 22 months, bringing it within 7% of hitting a new record high. The rally follows news that company executives will join U.S. President Donald Trump on his visit to China next week.

The Trump administration plans to invite CEOs from major companies, including Qualcomm, Nvidia, Apple, Exxon, and Boeing, to accompany the president on his trip to China. This move is seen as a way to build relationships between Trump and Chinese leader Xi Jinping.

Qualcomm's CEO Cristiano Amon hinted at working on top-secret hardware with 'pretty much all' major AI players earlier this week. In an interview with Fortune, Amon revealed that the company is collaborating with Meta and OpenAI on new hardware. This development has sparked interest among investors as Qualcomm looks to expand its reach beyond smartphones.

The chipmaking industry has seen a surge in stock prices recently due to bets that AI usage will continue to drive demand for massive computing power. QCOM, along with other chipmakers like AMD and Nvidia, have benefited from this trend.