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Qualcomm Is Teaming Up With ByteDance. What It Means for QCOM Stock

By: Barchart.com

May 26, 2026 at 16:44 PM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

Qualcomm (QCOM) stock is inching higher on May 26 following reports the company has signed a landmark agreement to supply artificial intelligence (AI) chips to ByteDance.

The parent company of TikTok marks QCOM’s first high-volume client for its newly unveiled data center hardware line, underscoring its rapid evolution into a major AI infrastructure name.

More Top Stocks Daily: Go behind Wall Street’s hottest headlines with Barchart’s Active Investor newsletter.

Including today’s gains, Qualcomm stock has nearly doubled since early April.

Does the ByteDance Deal Warrant Buying QCOM Stock?

The ByteDance announcement is positive for QCOM shares as it provides definitive proof that the company can successfully scale its business outside of mobile processors.

According to Bloomberg, ByteDance will procure millions of Qualcomm’s specialized application specific integrated circuits (ASICs) to power its next-gen AI agent software.

Securing a top-tier hyperscaler like ByteDance validates Qualcomm’s architecture and positions it to compete directly in the fast-growing inference-acceleration layer dominated by Nvidia (NVDA) and Advanced Micro Devices (AMD).

For investors, the agreement signals recurring, scale-driven revenue rather than one-off design wins, which may help bring a higher valuation multiple to QCOM as the year unfolds.

Where Options Data Suggests Qualcomm Shares Are Headed

Beyond data centers, Qualcomm’s automotive pipeline is booming through expanded partnerships with car manufacturers such as Stellantis (STLA).

In fact, the firm’s Snapdragon Digital Chassis revenue is expected to surpass $6 billion this year.

The derivatives market also remains positive on Qualcomm shares with the upper price on options contracts expiring Aug. 21 set at $311, indicating potential upside of more than 25% from here.

A healthy 1.5% dividend yield and a fresh $20 billion stock repurchase plan announced in March makes QCOM even more attractive as a long-term holding in 2026.

What’s the Consensus Rating on Qualcomm?

Investors could also take heart in the fact that Wall Street remains somewhat bullish on Qualcomm even though its guidance for the current quarter missed analysts’ estimates in late April.

According to Barchart, the consensus rating on QCOM stock sits at “Hold” only, but the Street-high price target of $300 suggests this Nasdaq-listed firm could gain as much as 20% over the next 12 months.

On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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Symbol	Price	Change (%)
AMZN	256.52	-4.74 (-1.81%)
AAPL	315.20	+8.89 (2.90%)
AMD	521.54	+11.41 (2.24%)
BAC	52.48	+0.97 (1.88%)
GOOG	358.39	-14.19 (-3.81%)
META	597.63	-2.84 (-0.47%)
MSFT	441.31	-19.21 (-4.17%)
NVDA	222.82	-1.54 (-0.69%)
ORCL	244.58	-3.57 (-1.44%)
TSLA	423.74	+7.86 (1.89%)