Chipmaker Qualcomm forecasts upbeat revenue on smartphone strength, AI boost

The addition of AI capabilities to smartphones has driven a resurgence in end-market demand after the industry slumped to its lowest level in years, lifting orders for Qualcomm. The company forecast a fourth-quarter revenue range with a midpoint of $9.9 billion, compared with analysts' average estimate of $9.71 billion, according to LSEG data.