Qualcomm stock soars 22% after unveiling AI microchip as firm takes on Nvidia

Qualcomm Inc. on Monday triggered its biggest share rally since 2019 after unveiling artificial intelligence processors and computer systems targeting the highly profitable AI data centre market. The move aims to challenge Nvidia Corp. in the industry’s fastest-growing segment.

Qualcomm’s shares climbed by as much as 22% to $205.95 on Monday. Arm Holdings Plc, which develops some of the underlying technology utilised by Qualcomm, also advanced, rising 4.7% to $178.69.