After soaring 11.12% to $148.58 in the Friday, April 24 regular session, the stock of the American wireless communication research and development company Qualcomm (NASDAQ: QCOM) soared another 11.19% to $165.50 in the Monday pre-market.
The twins rallies come, on the one hand, in anticipation of the firm’s upcoming, April 29, earnings report and, on the other hand, on the news that it might be cooperating with OpenAI on a new smartphone.
Specifically, TF International Securities analyst Ming-Chi Kuo published an article on X late on Sunday, April 26, revealing that the company behind ChatGPT is collaborating with Qualcomm, MediaTek, and Luxshare on a new mobile phone.
According to the post, ‘MediaTek and Qualcomm are processor co-development partners,’; and Luxshare is ‘the exclusive system co-design and manufacturing partner.’ Allegedly, the smartphone will enter full production in 2028.
OpenAI smartphone partnership helps QCOM erase 2026 losses
Elsewhere, the possible partnership with OpenAI represents a welcome tailwind for the American communication technology firm, considering its earnings forecast represents a notable business decline compared to the same quarter in 2025 and given QCOM shares’ performance in the 2026 stock market.
Indeed, between January 2 – the first regular session of the year – and the April 23 close – the last before the vertical rally – the equity fell 22.56%: from $172.98 to $133.95.
On its own, the upcoming earnings report could leave investors wanting since the company forecasted its revenue would amount to between $10.2 billion and $11 billion, and its earnings-per-share (EPS) to between $1.69 and $1.89. One year earlier, Qualcomm reported $10.98 billion in sales and an EPS of $2.52.
Can Qualcomm stock’s twin 11% rallies be sustained?
Simultaneously, while the 11% pre-market rally is impressive, some concerns regarding sustainability remain. So far in 2026, investors have been skeptical regarding reliance on OpenAI, as seen dramatically with Microsoft’s (NASDAQ: MSFT) $360 billion one-session drop in late January.
Similarly, there is some doubt about where Sam Altman’s firm will be by 2028, considering it, despite highly optimistic forecasts for the coming years, continues operating at a significant loss while seemingly alternating between committing billions of dollars in investments and requiring billions in fundraising.
Some artificial intelligence (AI) skeptics, Ed Zitron being the most notable, already opined that OpenAI is not long for this world and that a different company that got heavily involved with the makers of ChatGPT – Oracle (NYSE: ORCL) to be precise – might also be going under due to its own entanglement.
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