Qualcomm Incorporated ( QCOM ) shares are moving higher Wednesday afternoon, potentially in sympathy with Nvidia Corp ( NVDA ) amid continued AI momentum.

What To Know: Nvidia ( NVDA ) announced plans to increase its investments in Taiwan, highlighting its strategic partnership with Taiwan Semiconductor Manufacturing Co ( TSM ) and the importance of the local chip supply chain. CEO Jensen Huang, speaking in Taipei, emphasized the company’s plans to build another supercomputer in Taiwan, following the successful launch of Taipei-1 last year.

Additionally, Nvidia ( NVDA ) is exploring Intel Corp ( INTC ) as a potential contract chipmaking service provider. Recent reports indicated TSMC is anticipating a price hike for its AI chip production service.

Related Link: What’s Going On With Nvidia Stock On Wednesday?

What Else: Nvidia ( NVDA ) has also reached out to Samsung Electronics Co ( SSNLF ) for high-bandwidth memory (HBM) chip supply amid industry-wide supply chain constraints. Tesla Inc ( TSLA ) also plans to allocate $3 billion to $4 billion in 2024 for hardware purchases from Nvidia ( NVDA ), further boosting the company’s prospects.

QCOM Price Action: Qualcomm ( QCOM ) shares were up by 3.59% at $211.70 at the time of writing, according to Benzinga Pro.

See Also: Nvidia Had Games, Amazon Had Books, ‘Tesla Has Cars’: Ron Baron Is So Bullish On Elon Musk, He ‘Can’t Even Put A Top’ On Tesla Stock

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