Qualcomm strikes AI chip deal with TikTok owner ByteDance: Report

Qualcomm reached a deal with TikTok owner ByteDance to supply chips for AI data centers, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Shares of the smartphone chip designer rose nearly 5%.

ByteDance is set to procure millions of Qualcomm chips known as application-specific integrated circuits to help support the social media company’s AI ‌agent software, according ⁠to ⁠the report.