Qualcomm's stock has surged over 12% following rumors of a partnership with OpenAI to develop smartphone processors, coinciding with the company's announcement of better-than-expected Q2 revenues of $10.60 billion. This upswing comes even as Bank of America reinstated an 'Underperform' rating, reflecting caution in the face of a 7% year-over-year decline in non-GAAP earnings. Despite the financial pressures, Qualcomm continues to emphasize its role in the AI market, returning $3.7 billion to stockholders and projecting future revenues between $9.2 billion and $11 billion.
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