Key Highlights
- Qualcomm shares climbed more than 9% on May 11, reaching a record intraday peak of $247.90
- Second quarter FY26 results exceeded projections with earnings per share of $2.65 compared to analyst expectations of $2.56, while revenue reached $10.60 billion
- Chief Executive Cristiano Amon announced data center processor deliveries to a major hyperscaler customer beginning in 2026
- The 90-day US-China trade agreement reduced concerns regarding China smartphone inventory levels, bolstering market confidence
- Several Wall Street firms increased their price projections, including Daiwa’s upgrade to Outperform with a $225 price objective
Qualcomm (QCOM) shares reached a record intraday level of $247.90 on May 11, 2026, advancing more than 9% during the session to trade around $239.24. This performance represents the first all-time closing peak for QCOM since June 18, 2024.
The advance pushed Qualcomm’s gains beyond 42% across five straight trading sessions — with month-to-date performance reaching 33%.
Momentum began building after the company released Q2 FY26 financial results on April 29th. Qualcomm delivered earnings per share of $2.65, surpassing the analyst projection of $2.56, while revenue of $10.60 billion came in slightly ahead of forecasts.
The earnings performance, however, took second place to other developments.
CEO Cristiano Amon revealed that Qualcomm plans to commence data center processor shipments to “a large hyperscaler” prior to the conclusion of calendar year 2026. This announcement fundamentally altered investor perception of Qualcomm’s future revenue potential.
Shares were already climbing when the US-China 90-day trade agreement provided additional momentum. Qualcomm had projected Q3 revenue guidance of $9.2–$10.0 billion, partially reflecting China smartphone inventory adjustments. The trade agreement eliminates this challenge, providing stability to the Android upgrade cycle within Qualcomm’s largest handset territory.
Wall Street Firms Raise Targets
Daiwa elevated QCOM to Outperform from Neutral, increasing its price objective to $225 from $140. Tigress Financial boosted its target to $280 while maintaining a Buy recommendation. Benchmark lifted its target to $225 from $200 with a Buy rating. Roth MKM initiated coverage with a Buy rating as well.
The shareholder return initiative received enhancement — Qualcomm authorized an additional $20 billion for share buybacks and increased its quarterly dividend from $0.89 to $0.92 per share.
Automotive Segment Reaches New Record
Qualcomm’s automotive division generated record revenue of $1.33 billion in Q2 FY26, climbing 38% compared to the prior year. This performance reinforces the diversification narrative attracting investor interest.
QCOM has gained 57% over the past twelve months and has nearly doubled from its 52-week closing bottom of $124.07, recorded on April 7, 2026.
The upcoming significant event is Qualcomm’s Investor Day scheduled for June 24, where leadership is anticipated to provide additional information regarding the data center initiative. QCOM ranked as the top performer in both the S&P 500 and the Nasdaq 100 on May 11, while achieving fourth place in trading volume across both indices.
