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Qualcomm Inc. (NASDAQ:QCOM) is one of the 10 High-Flying Stocks With Double-Digit Returns. Qualcomm rebounded by 11.12 percent on Friday to finish at $148.85 apiece, as investors began loading portfolios ahead of next week’s earnings outcome. In a notice on its website, Qualcomm Inc. (NASDAQ:QCOM) said that it is scheduled to report its earnings performance for the second quarter of fiscal year 2026 after market close on Wednesday, April 29. A conference call will be held to elaborate on the results.

A Qualcomm employee on the job. Photo from Qualcomm website For the period, Qualcomm Inc. (NASDAQ:QCOM) is targeting to report revenues of $10.2 billion to $11 billion, an implied decline of 7 percent or nearly flat from the $10.98 billion registered in the same period last year. GAAP diluted earnings per share are projected at $1.69 to $1.89, or an implied decline of 25 percent to 33 percent from the $2.52 year-on-year. Despite a weak outlook, Friday’s rally can be attributed primarily to the surging demand for semiconductors from the artificial intelligence sector. According to a report from the Semiconductor Industry Association (SIA) earlier this month, global semiconductor sales in February soared by 61.8 percent to $88.8 billion from $54.9 billion in the same month last year, and by 7.6 percent from the $82.5 billion in January 2026. “Global chip sales remained very strong in February, exceeding January’s totals and far outpacing sales from February of last year,” SIA President and CEO John Neuffer said “Sales into the Asia-Pacific region, the Americas, and China were all major drivers of year-to-year growth. Strong global demand is expected to persist during the remainder of the year, with annual sales projected to reach roughly $1 trillion globally,” he noted. While we acknowledge the potential of QCOM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy.  Disclosure: None. Follow Insider Monkey on Google News.