Key insights
- Nvidia CEO Jensen Huang's public endorsement of Qualcomm stock, recommending investors buy it due to its strong performance in the mobile device sector, led to a 2% rise in Qualcomm shares in after-hours trading. This positive sentiment from a prominent industry leader could provide a short-term boost to Qualcomm and potentially signal broader confidence in the semiconductor sector, though its direct impact on the overall US equity market is limited.
Investing.com -- Qualcomm (NASDAQ:QCOM) shares climbed 2% in after-hours trading on Monday following comments from NVIDIA (NASDAQ:NVDA) CEO Jensen Huang recommending investors purchase the chipmaker's stock.
Huang praised Qualcomm's performance in the mobile device sector during his remarks.
"I don't think we're incredibly good at mobile devices, and I don't think it's necessary," Huang said. "I think they're doing such a good job," he added, referring to Qualcomm.
"Buy their stock," he said.
"That's good. I spent the whole day selling other people's stocks. Yeah. It's good. It's good to help other people. We should be happy other people succeed."
The endorsement from the Nvidia chief executive provided a boost to Qualcomm shares in extended trading hours.
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