Qualcomm's Saudi AI deal with Humain may seem like a win, but the real battle is against Nvidia in the AI chip market.

Shares of wireless chipmaker Qualcomm (NASDAQ:QCOM) jumped 12.3% in the afternoon session after the company announced its entry into the data center artificial intelligence (AI) market with two new chips designed to compete with industry leaders.

We recently published 10 Big Names Crushing Wall Street. Qualcomm Inc. (NASDAQ:QCOM) is one of the top-performing stocks on Monday. Qualcomm shares propelled to a new all-time high on Monday, as investors took heart from a partnership with a Riyadh-based startup to support the development of artificial intelligence (AI) in Saudi Arabia.

Qualcomm Inc (NASDAQ: QCOM) soared roughly 20% on Monday to print a new 52-week high after announcing two new artificial intelligence (AI) chips – AI200 and AI250 – for enterprise data centres. These chips are engineered to handle the ultra-demanding AI workloads,

Qualcomm (NASDAQ:QCOM) announced its entry into the artificial intelligence accelerator market on Monday, as it looks to take on industry heavyweights Nvidia (NASDAQ:NVDA) and AMD (NASDAQ:AMD). The Cristiano Amon-led company unveiled its Qualcomm A1200 and AI250 chip-based accelerator cards and racks,

U.S. equity markets are poised for a slightly higher open on Tuesday, with futures pointing to further gains as investors ride the momentum that pushed major indexes to record highs at the start of the week.

Humain, the company Saudi Arabia launched earlier this year to develop artificial intelligence technology, plans to list on the Saudi and NASDAQ exchanges within the next four years, its CEO said on Tuesday.

The S&P 500 rose about 1% and the Nasdaq Composite climbed about 1.5%, according to market data. Market strategists said the Fed meeting on Oct. 29 is already shaping expectations, with many pricing the central bank as likely to cut rates.