Qualcomm announces $15 billion stock buyback, predicting that sales and profits for this quarter will exceed Wall Street expectations, with stock prices rising 5.5% in after hours trading. The company announced a $15 billion stock buyback, and its stock price soared by 12% at one point after the results were released. As the largest smartphone chip supplier, Qualcomm is benefiting from the recovery of the smartphone market, especially as consumers upgrade their devices to support artificial intelligence applications. 46% of Qualcomm's revenue in the most recent fiscal year came from Chinese customers.