Qualcomm Gains on Report It’s Working With OpenAI on Phone

Qualcomm Inc. shares jumped on Monday after a closely watched tech industry analyst suggested the chipmaker is working with artificial intelligence giant OpenAI on a smartphone.

Shares of the San Diego-based company gained 8.2% following a post on X by TF International Securities analyst Ming-Chi Kuo, which said his latest industry checks had revealed that OpenAI was working with MediaTek Inc. and Qualcomm to develop smartphone processors. Kuo added that Luxshare Precision Industry Co. is working as the “exclusive system co-design and manufacturing partner.”