Qualcomm stock rises, Nvidia hits $5 trillion again, with Big Tech Q1 updates on deck

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Qualcomm stock rises, Nvidia hits trillion again, with Big Tech Q1 updates on deck

Tech stocks rose on Monday, led by a 13% early market gain in Qualcomm (QCOM) and further gains in Nvidia (NVDA), which hit a record high on Friday.

This week, five of the “Magnificent Seven” Big Tech companies – Microsoft (MSFT), Meta (META), Amazon (AMZN), Alphabet (GOOG, GOOGL), and Apple (AAPL) – report quarterly results in what will be the first true test of investor interest in the technology sector and its heavy use of AI since the war in Iran began.

Recent moves by these companies make it even more difficult: Meta has announced it will lay off 10% of its workforce, or about 8,000 roles; Microsoft said it would offer some US employees a voluntary buyout; and Apple’s leadership is undergoing changes after CEO Tim Cook announced that he will step down on September 1 and be replaced by senior vice president of hardware John Ternus.

Tech companies are increasingly looking for ways to save money, as they spend billions building data centers and developing AI models.

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Qualcomm jumped 12% as analysts pointed to the chipmaker’s next big catalyst

Qualcomm (QCOM) stock jumped more than 11% on Monday, extending Friday’s 11% jump.

Technology analyst Ming-Chi Kuo from TF International Securities posted on X that OpenAI ( OPAI.PVT ) is working with Qualcomm and Taiwanese semiconductor designer MediaTek ( 2454.TW ) to develop smartphone processors.

Social media posts fueled hopes that artificial intelligence could usher in a new wave of smartphone development, a big win for chipmakers focused on mobile processors. Qualcomm is best known for its chips that power smartphones. Mass production of processors is expected in 2028.

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Mag 7 shares opened their books after a rough start to the year

Yahoo Finance’s Myles Udland and Jake Conley write about what to expect from Big Tech earnings this week:

The Magnificent Seven stocks, the Big Tech heavyweights that have powered the US economy for the past decade, spent much of the first quarter losing steam. In the last week of March, companies lost a combined $850 billion in market value, and by the end of the month, all seven members were down for the year.

However, as our own Brian Sozzi points out, as the headlines of peace talks begin to be heard in the Middle East, technology has received a bid – and for good reason.

The Magnificent Seven’s revenue is estimated to grow 25% in 2026 compared to 11% for the S&P 493, and that above-average revenue performance is expected to extend into 2027, according to Morgan Stanley. The Roundhill Magnificent Seven ETF (MAGS), which tracks a basket of technology leaders, has returned 13% in the past month compared with a 9% return for the S&P 500.

This week’s earnings results will be the first real test of investor appetite for the technology sector since the Iran war began to disrupt the global economy in late February. The reports will also give investors an update on how companies are thinking about their big AI spending projections set earlier this year in fourth-quarter earnings — especially after Meta announced 8,000 layoffs and Microsoft began offering buyout packages.

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