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 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.

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.

Qualcomm stock just soared 19% — its biggest jump in over a year. The reason? Qualcomm announced new AI accelerator chips, the AI200 and AI250, built to rival Nvidia and AMD in powering AI data centers.

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.

Shares of Qualcomm Inc (NASDAQ: QCOM) closed out Monday’s session just above $167, extending a steady recovery that’s put it back near the upper end of its recent range. The stock is still up