Investing.com-- Qualcomm (NASDAQ: QCOM) shares jumped sharply in premarket Monday trading, extending gains after a strong move in the prior session, as fresh analyst commentary pointed to a potential long-term catalyst tied to OpenAI.

The stock rose about 9.2% in premarket trading after TF International Securities analyst Ming-Chi Kuo said industry checks suggest OpenAI is working with Qualcomm and MediaTek to develop smartphone processors. Kuo is a highly prominent, Taiwan-based technology analyst renowned for his accurate, supply-chain-derived predictions.

The analyst said Luxshare is expected to act as the exclusive system co-design and manufacturing partner, with mass production targeted for 2028.

The report adds to growing expectations that artificial intelligence could drive a new hardware upgrade cycle in smartphones, potentially benefiting chipmakers positioned in mobile processors.

Kuo noted that both Qualcomm and MediaTek could see long-term demand support as replacement cycles accelerate alongside more advanced AI capabilities on devices.

The move follows a strong session on Friday, when Qualcomm surged 11% as a broader rally in semiconductor stocks gathered pace.

The sector was lifted by Intel’s blowout Q1 2026 earnings, which helped fuel optimism around chip demand and AI-related spending.