Qualcomm's Stock Rises Over 5% Amid Reports of ByteDance's Plan to Purchase Millions of AI ASIC Chips

On May 29, Qualcomm's stock rose over 5% in pre-market trading, currently priced at $256.13. According to Bloomberg, citing informed sources, ByteDance plans to purchase millions of Qualcomm AI ASIC chips to support its AI Agent business. This collaboration is also of significant strategic importance for Qualcomm. Bloomberg notes that Qualcomm has long held a core position in the smartphone market with its Snapdragon series processors, but as growth in the smartphone market slows and the wave of generative AI rises, Qualcomm is actively working to extend its business into the data center and AI computing sectors. However, compared to Nvidia, which dominates the AI chip market, Qualcomm has previously lacked heavyweight clients and large-scale commercialization cases.