"Qualcomm's surge reflects an investor rotation that began after fiscal Q2 2026 earnings on April 29. The company posted non-GAAP EPS of $2.65 on revenue of $10.6 billion, with automotive setting a record at $1.33 billion, up 38% year over year (YoY). CEO Cristiano Amon disclosed what's now the rally's centerpiece, stating that Qualcomm has "entry into the data center, where a leading hyperscaler custom silicon engagement is on track for initial shipments later this calendar year." An Investor Day on June 24 will detail the Data Center and Physical AI roadmap."
"Wall Street is starting to respond. Daiwa upgraded QCOM stock last week with a $225 price target raised from $140. That said, the broader sell-side average sits at $174.84, well below the current quote, a gap that frames the bull-versus-bear debate."
"Micron's narrative is simpler. Fiscal Q1 2026, reported December 17, 2025, delivered non-GAAP EPS of $4.78 versus a $3.94 estimate, with revenue of $13.64 billion, up 57% YoY. The Cloud Memory unit nearly doubled YoY to $5.28 billion with a 66% gross margin. Micron's management guided fiscal Q2 2026"
Qualcomm shares rose about 8% to around $237 in early trading, extending a multi-week rally in large-cap semiconductors. Micron climbed about 4% to around $774. Both stocks gained sharply after a strong Friday session, with Qualcomm up 8% and Micron up 15%. Over the past month, Qualcomm rose 86% and Micron rose 88%, while year-to-date gains were 40% for Qualcomm and 177% for Micron. The move followed Qualcomm’s fiscal Q2 2026 results, including record automotive revenue and progress toward data-center custom silicon shipments. Micron’s fiscal Q1 2026 results showed higher revenue and non-GAAP EPS, with cloud memory nearly doubling and strong gross margins.
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