Stock Track | Qualcomm Soars 5.09% in Pre-Market on Semiconductor Rally and Samsung Supply Chain Partnership Expectations

Stock Track04-24 20:42

Qualcomm's stock surged 5.09% during pre-market trading on Friday, marking a significant upward movement for the semiconductor company.

The pre-market surge was driven by a broader rally in the semiconductor sector, which saw several major chipmakers posting gains. This positive sector sentiment provided a tailwind for Qualcomm's shares.

Additionally, specific company news fueled investor optimism. Market reports indicated renewed expectations for a key supply chain partnership between Qualcomm and Samsung. Qualcomm's CEO recently visited South Korea for discussions with Samsung Foundry's president, focusing on leveraging Samsung's advanced SF2 process technology to manufacture next-generation Snapdragon processors. The CEO also held talks with SK Hynix regarding memory cooperation. The market anticipates Samsung could rejoin the Snapdragon chip supply chain for the first time in five years, which is seen as alleviating previous concerns about memory bottlenecks constraining Qualcomm's growth.

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