<div id="readability-page-1"><div><figure></figure>Qualcomm (QCOM) stock surged on Monday as investors continued piling into semiconductor shares amid the ongoing artificial intelligence boom.Shares jumped as much as 12.7% to hit a record high of $247.90, making Qualcomm one of the strongest performers in the S&amp;P 500 session.However, the stock had given up some of those gains at the time of writing. It is now up around 6%.However, even if these gains hold, the stock would notch its first record closing high since June 18, 2024, when shares ended at $227.09, according to Dow Jones Market Data.The rally comes as semiconductor stocks continue one of their strongest runs in decades, fuelled by surging demand for AI infrastructure and computing hardware.The PHLX Semiconductor Index — widely known as the SOX index — recently recorded its biggest 25-day rally since the 2000 dot-com era.Qualcomm’s AI pivot gains momentumWhile Qualcomm has historically been viewed primarily as a smartphone chip company, investor sentiment is rapidly shifting as the company expands into artificial intelligence, automotive technology, internet-of-things devices, and data-centre processors.The stock is now on track for its fifth consecutive positive session, during which shares have climbed roughly 40% — its strongest five-day stretch since April 2019.Momentum accelerated following Qualcomm’s fiscal second-quarter earnings report at the end of April.Although the company posted solid financial results, investors were more focused on signs that Qualcomm’s push into AI data-centre chips is beginning to gain traction.Chief Executive Cristiano Amon told analysts that Qualcomm expects initial shipments of a custom data-centre processor to begin during the December quarter for a large hyperscale cloud customer.“It is a large hyperscaler, and we’re really thinking about a multi-generation engagement,” Amon said during the earnings call.The company did not disclose the customer’s identity but said more details would be provided during its investor day in June.The comments reinforced investor expectations that Qualcomm could emerge as a meaningful player in AI infrastructure beyond its traditional mobile business.Chip rally broadens across sectorThe latest gains also come as investors increasingly broaden exposure across the semiconductor industry rather than focusing solely on AI leader Nvidia.Recent strength across the sector has been driven by growing optimism that AI demand will support long-term spending across a wide range of chip categories, including CPUs, networking, memory, and data-centre infrastructure.Meanwhile, optimism around Intel has also helped support broader semiconductor sentiment.Intel surged 14% on Friday following reports that it had reached a preliminary agreement with Apple to manufacture some chips for future Apple devices in the United States.That development reinforced expectations that semiconductor demand tied to AI infrastructure and advanced computing remains extremely strong.Elsewhere in the sector on Monday, Advanced Micro Devices edged slightly lower, while Arm Holdings declined modestly and Nvidia added roughly 1.3%.Analysts raise targets aggressivelyWall Street analysts have been scrambling to raise Qualcomm price targets following the stock’s sharp rally and improving outlook.Daiwa Securities upgraded Qualcomm to Outperform from Neutral and raised its price target to $225 from $140.Tigress Financial Partners lifted its target to $280 from $270 while maintaining a Buy rating, calling Qualcomm an “increasingly compelling” investment.Benchmark Company also increased its target price to $225 from $200 and maintained a Buy recommendation.</div></div>

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Qualcomm (QCOM) stock surged 12.7% to a record high of $247.90 amid the AI boom, making it a top performer in the S&P 500. Currently, it is up around 6%, potentially marking its first record closing high since June 2024. The semiconductor sector is experiencing strong demand, particularly for AI infrastructure. Qualcomm's shift towards AI and data-centre processors is gaining traction, with expectations for initial shipments in December. Analysts have raised price targets significantly, reflecting a positive outlook for the company.

- Qualcomm's stock surged on Monday, reaching a record high of $247.90, reflecting strong investor interest in semiconductor shares amid an artificial intelligence boom.  
- This rally, buoyed by increasing demand for AI infrastructure and favorable earnings reports, coincided with Qualcomm's strategic shift towards AI data-centre chips.  
- Analysts have responded positively, raising their price targets for Qualcomm significantly, indicating a growing belief in the company's potential beyond its traditional markets.

Qualcomm stock continues dream run: how high can it go?