Qualcomm Scores Big Win with Amazon AI Chip Deal

Qualcomm shares rose on news that the company had secured an AI chip deal with Amazon. The agreement is expected to drive demand for Qualcomm's X100 5G modem-RF system, which will be used in a new line of Amazon devices.

The terms of the deal were not disclosed, but it is believed to be a significant win for Qualcomm as it looks to expand its presence in the growing AI chip market. The deal is also expected to provide a boost to Qualcomm's revenue and earnings.

Qualcomm shares have been under pressure in recent months due to concerns over competition from Chinese rivals such as Huawei and Xiaomi. However, the Amazon deal is seen as a major coup for the company, which has been investing heavily in its AI chip technology.