Qualcomm’s shares surged as much as 20 per cent on Monday as the US chip company launched its first data-centre processors for artificial intelligence, seeking to grab a share of a multibillion-dollar market dominated by Nvidia.
Saudi Arabia’s Humain, an AI company backed by the kingdom’s Public Investment Fund, will be Qualcomm’s first customer, as they build on a partnership announced in May.
Qualcomm’s stock, which was trading around 12 per cent higher by midday in New York, made its biggest one-day move for several years in response to the news, adding tens of billions of dollars to push its market capitalisation above $200bn.
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