Qualcomm (QCOM) Soars to Fresh High on New AI Deal in Saudi

We recently published 10 Big Names Crushing Wall Street. Qualcomm Inc. (NASDAQ:QCOM) is one of the top-performing stocks on Monday.

Qualcomm shares propelled to a new all-time high on Monday, as investors took heart from a partnership with a Riyadh-based startup to support the development of artificial intelligence (AI) in Saudi Arabia.

During the session, Qualcomm Inc. (NASDAQ:QCOM) surged to as high as $205.55, or a 21.67 percent jump, before paring gains to end the day just up by 11.09 percent at $187.68 apiece.

This followed announcements that it joined forces with Humain, a global AI end-to-end value-chain provider, under which Qualcomm Inc. (NASDAQ:QCOM) would supply 200 MW of AI200 and AI250 rack solutions to Humain beginning 2026.

According to Qualcomm Inc. (NASDAQ:QCOM), the AI200 and AI250 solutions are capable of delivering rack-scale performance and superior memory capacity for fast generative AI inference, and support Saudi Arabia’s commitment to driving innovation and economic growth through the development of its AI and semiconductor ecosystem.

“This collaboration unites HUMAIN’s deep regional insight and unique full AI stack capabilities with Qualcomm’s unmatched semiconductors technology and product leadership. Together, we will enable Saudi Arabia to lead the next wave of global AI and semiconductors innovation,” Humain CEO Tareq Amin said.

While we acknowledge the potential of QCOM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.