Qualcomm shares climb 10% as AI phones drive demand  

At least 14 analysts raised their price targets on Qualcomm

Qualcomm, which has set up a research facility in Cork, projected third-quarter sales that were above estimates.

Shares in chip giant Qualcomm — which has set up a research facility in Cork — climbed 10% to a more than two-year high after the smartphone-focused firm signalled an artificial intelligence-fuelled rebound in demand, especially in China, following a years-long slump.

Sales to Chinese smartphone makers jumped 40% in the first half of its fiscal year, the company said, as buyers there gravitate toward higher-priced devices that can accommodate AI chatbots.