🟢 QCOM stock surges to record highs on report of AI chip deal with TikTok parent ByteDance

QCOM shares jumped to a new intraday record on Wednesday following reports of a major deal to supply AI chips to ByteDance, the owner of TikTok. This marks a significant expansion for Qualcomm into the AI data center market.

• According to reports, ByteDance will purchase millions of Qualcomm's application-specific integrated circuits (ASICs) to support its AI software.
• The deal provides Qualcomm with a major new customer for its AI-focused chips, a key part of its strategy to diversify beyond the smartphone market.
• Investors reacted positively to the news, with the stock reportedly climbing over 8% during intraday trading.