Qualcomm shares soar 16% on CEO comments about China orders, hyperscaler customer

This year has brought a memory price surge that's hit Qualcomm's end market of consumer electronics. Gartner predicts PC prices will rise 17% this year, and shipments will decline 10.4%. Global smartphone shipments are down more than 4%, according to the International Data Corporation, breaking an upward trend that had been going since mid-2023. When it comes to smartphone sales in China, Amon said on a call with CNBC that the current quarter will be the bottom because "customers are running out of inventory."Much of Qualcomm's revenue comes from licensing fees it charges for its core technology used inside nearly every smartphone.

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