Qualcomm (QCOM) Stock Is Up, What You Need To Know

Shares of wireless chipmaker Qualcomm (NASDAQ:QCOM) jumped 3.4% in the afternoon session after President Trump announced Apple had agreed to design and manufacture chips with Intel, a move that could potentially reduce Qualcomm's reliance on Apple's business. The agreement, which was reportedly made in response to the ongoing trade tensions between the US and China, has significant implications for the microchip market. Qualcomm has long been a major supplier of modem chips to Apple, and the company's stock has historically been closely tied to Apple's business. However, the new agreement could potentially open up new opportunities for Qualcomm to supply chips to other major technology companies, including Intel. As a result, Qualcomm's stock surge is a sign that investors are optimistic about the company's future prospects and its ability to adapt to changing market conditions.