While Nvidia Battles AMD, Qualcomm Quietly Signed the Biggest AI Deal in Its History. With ByteDance

Quick Read

• Qualcomm (QCOM) signed a major deal with ByteDance to supply millions of ASICs for data centers and AI agents, validating its $2.4B Alphawave Semi acquisition and data center pivot with initial shipments expected later this year. Automotive revenue hit a record $1.326B in Q2 FY26, up 38% year over year, while the company authorized a new $20B share repurchase program and has already deployed $5.4B in buybacks in the first half of FY26.

   

• Qualcomm’s data center and automotive segments are delivering real growth as the company diversifies beyond its traditional smartphone modem business, reducing the impact of Apple’s potential in-house modem threat.

   

   

  The analyst who called NVIDIA in 2010 just named his top 10 stocks and Qualcomm wasn’t one of them. Get them here FREE.

   

• The analyst who called NVIDIA in 2010 just named his top 10 stocks and Qualcomm wasn’t one of them. Get them here FREE.

You may want to keep hitting the buy button on Qualcomm (NASDAQ:QCOM), and the last six weeks handed you three more reasons to do it again. While the financial press tracks every twitch in the Nvidia (NASDAQ:NVDA) versus AMD (NASDAQ:AMD) slap fight, Qualcomm quietly signed the biggest AI deal in its history. The stock has run 100% from its April lows, hitting a 52-week high of $258 along the way.

Reason one: the ByteDance deal changes the story

For years the bear case on Qualcomm was simple. Too dependent on smartphone modems, too exposed…