Qualcomm share price soars after taking aim at Nvidia with new AI chips

Qualcomm Inc. has kicked off its biggest share-price rally since 2019 after unveiling chips and computers for the lucrative AI data centre market, aiming to challenge Nvidia Corp. in the fastest-growing part of the industry.

Qualcomm’s share price rose as much as 22% to $205.95. Arm Holdings, which develops some of the underlying technology used by Qualcomm, gained as well. It was up 4.7% intraday to $178.69 in New York.