Qualcomm's stock tumbles after Elon Musk denied reports of a SpaceX AI smartphone using Qualcomm chips, erasing earlier gains from the rumor. The chipmaker is meanwhile pushing into AI infrastructure, acquiring Israeli cybersecurity firm SAM and unveiling new chips designed to compete with Nvidia's dominance.
·Musk's denial of SpaceX AI phone plans reversed market momentum that had sent Qualcomm shares higher on the initial speculation
·Qualcomm drops from several Russell indices following recent stock declines and market losses
·Company acquires Israeli cyber company SAM for over $150 million to expand security capabilities
·Qualcomm announces Snapdragon Summit 2026 as it positions chips for next-generation devices
·iPhone 18 Pro expected to use Qualcomm modems in US markets while competitor chips deployed elsewhere
drawn from GSMArena.com, Moomoo, Yahoo Finance, TipRanks · updated 5h ago