QUALCOMM Incorporated (QCOMD.BA) rallied 6.1% on Thursday, closing at $19.30 amid several positive company-specific catalysts that countered a recent sector-wide selloff.
- Nvidia CEO Endorsement: Nvidia CEO Jensen Huang publicly praised Qualcomm's strategy in mobile and edge AI, telling investors to 'buy their stock.'
- JPMorgan Upgrade: JPMorgan analysts placed QCOM on a 'Positive Catalyst Watch' and raised their price target to $265, anticipating positive news about the company's data-center opportunities at its upcoming Investor Day.
- Sector Rebound: The move also represents a broader rebound for semiconductor stocks which experienced a significant pullback earlier in June.