Qualcomm Surges 12%, Skyworks Rallies 9%, Qorvo Rises 7%: The Mobile Chip Trade Picks Smaller Winners Quick Read – Qualcomm (QCOM) stock spiked 11% on Q2 revenue of $10.6B and record automotive revenue of $1.33B (+38% YoY). – Skyworks Solutions (SWKS) stock climbed 9% after the…
mpany reported Q1 revenue of $1.035B driven by Wi-Fi 7 growth. – Qorvo (QRVO) stock jumped 7% after Q4 non-GAAP EPS of $1.69 beat consensus by 40% with gross margin expanding 670 basis points to 53%. – The analyst who called NVIDIA in 2010 just named his top 10 stocks and Qualcomm wasn’t one of them. Get them here FREE
Shares of Qualcomm (NASDAQ:QCOM) are up 11% at midday Friday, with Skyworks Solutions (NASDAQ:SWKS) higher by 9% and Qorvo (NASDAQ:QRVO) tacking on 7%. The mobile and RF (radio frequency) chip trade is rallying broadly, but the bid is concentrated in the smaller, more focused names in the group. Investors are picking pure-play winners while passing on the diversified semiconductor giants.
The curious wrinkle: Broadcom (NASDAQ:AVGO), the long-term explosive winner of the broader chip complex, is essentially flat on the session. Money is rotating into the focused mobile and connectivity names rather than the diversified leader, an unusual pattern after years of the opposite trade dominating. Qualcomm stock’s recent run has been remarkable.