Qualcomm Strikes AI Chip Deal With TikTok Owner ByteDance (1)

Qualcomm Inc. reached a deal with TikTok owner ByteDance Ltd. to supply chips for artificial intelligence data centers, according to people familiar with the matter, marking a key win for a company trying to expand from smartphone processors into AI infrastructure.

ByteDance is set to procure millions of Qualcomm chips known as application-specific integrated circuits, which will help support the social media company’s AI agent software, said the people, who asked not to be identified because the discussions are private.

Qualcomm’s shares extended their gains to as much as 8.3% higher to a new intraday record.