Qualcomm hits near two-month high after deal with Amazon to develop custom chips - QCOM News | RalliesQualcomm hits near two-month high after deal with Amazon to develop custom chips
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QCOM• Qualcomm shares rise after Amazon chip collaboration
- Smartphone chipmaker Qualcomm's shares QCOM.O rise 4.2% to $175.8, its highest level in nearly 2 months
- Co announces a collaboration with Amazon AMZN.O to develop custom chips for large-scale AI data centers for the e-commerce giant
- QCOM and AMZN to collaborate on optical connectivity solutions to support growing bandwidth demands in AI data centers
- QCOM plans to expand its use of AWS AI tools, including Amazon Bedrock, to accelerate chip designing
- 15 of 41 brokerages rate the stock "buy" or higher, 23 "hold" and three "sell"; median PT is $175 - LSEG data
- Including session's move, QCOM stock up 2.4% YTD
