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 (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,

Qualcomm shares traded sharply higher Monday following the company's unveiling of new AI chips aimed at the data center 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.

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,

The stock briefly reached $205.95 per share, up 21.9% from the opening price on NASDAQ, then settled to around $190, still well over 10% higher.

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.

Major U.S. indexes closed higher, with the Dow Jones Industrial Average rising 0.7% to 47,544.59, the S&P 500 climbing 1.23% to 6,875.16, and the Nasdaq advancing nearly 1.9% to 23,637.45.