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Claire Yubin Oh4/27/26

Analyst reports that OpenAI is partnering with Qualcomm for custom processors for an AI smartphone chip

Qualcomm, the worst-performing member of the Philadelphia Semiconductor Index this year which finally got its day in the spotlight on Friday, is basking in the sunshine once again. The San Diego-based firm is up 12% in early trading on Monday after an analyst said that the smartphone chip maker is partnering with OpenAI to build new custom processors for smartphones.

Per an X post from TF Securities analyst Ming-Chi Kuo late last night, OpenAI is working with Qualcomm, as well as MediaTek and Luxshare, to develop an AI agent phone, with plans for mass production to start in 2028.

Per Kuo, processors for the AI phone, which Qualcomm and MediaTek will partner to codevelop, will prioritize “power consumption, memory hierarchy management, and basic small-model execution,” in an effort to continuously understand the user’s context, while more complex or compute-intensive tasks will be handled by cloud AI. Specifications and suppliers for the processors are expected to be finalized by late 2026 or Q1 of 2027.

The reported partnership continues OpenAI’s ambitions to get into agentic AI hardware, after it announced in July 2025 that it’s building an AI device with Broadcom under the watch of Jony Ives, the former chief design officer at Apple.

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markets

J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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