Qualcomm (NASDAQ: QCOM) share price rose to $203.53 after gaining 0.88 percent in the pre-market session on Friday. The share price rally comes on the heels of NVIDIA’s release of historic earnings figures on Wednesday, which has fueled a spike in the stocks of chipmakers. Qualcomm shares closed trading at $201.76, equivalent to minus 0.58 percent on Thursday, after easing from an all-time high price of $207.56.
The company’s acquisition of Nuvia back in 2021 is paying off in the AI era following the success of its Oryon CPU cores. While they are yet to hit the markets, the laptop chips are not only faster than the fastest Apple and Intel chips, but are also highly energy-efficient. In fact, talk is rife that Microsoft PCs will finally be able to beat MacBook in as far as battery life goes and challenge its performance as well.
The Oryon CPUs are already grabbing headlines thanks to Qualcomm’s Snapdragon Elite X and Snapdragon X Plus chips. Original Equipment Manufacturers, including HP, Dell, Asus, Microsoft Acer, Samsung and Lenovo have already confirmed that their new line of PCs will come with these chips.
A key feature of these chips is that they come with CO Pilot+ functionality, which places Qualcomm at the core of the AI-centric PC race. The first batch of PCs powered by the new chips will be available for purchase starting June 18. Furthermore, Qualcomm also announced this week at the Microsoft Build 2024 that its Developer Kit for Snapdragon will be available from June 18 and will cost $899.With these headline-grabbing developments at the Build 2024 event, my Qualcomm stock prediction analysis forecasts that the price will remain in the ascending trajectory for a while.
Technical analysis
The momentum on QCOM share price is currently controlled by the buyers, and it will likely pivot at 204.00. The upside will likely encounter the first resistance at 205.80, but a continuation of control by the buyers will break the resistance and potentially build the momentum to test 208.00. Alternatively, the sellers are likely to take control if the price moves below 204.00. The first support will likely be at 201.78, but extended control by the sellers could break the support and invalidate the upside narrative. Furthermore, that could establish the second support at 200.16.
