Qualcomm rises after teaming up with Advanced Micro Devices on faster Wi-Fi
Qualcomm (NASDAQ:QCOM) shares rose on Tuesday after the San Diego-based chipmaker said it was teaming up with Advanced Micro Devices (NASDAQ:AMD) to make Wi-Fi faster.
The deal will see Qualcomm (QCOM) bring its FastConnect connectivity system to laptops that run AMD's (AMD) Ryzen processors, starting with the Ryzen PRO 6000 Series processor.
As part of the deal, it will see Wi-Fi 6 and 6E come to some notebooks used for the enterprise and there are "advanced wireless capabilities enabled with Windows 11," as the two companies include Microsoft (MSFT) in the deal.
The first laptops that will be a part of the deal include the Lenovo ThinkPad Z Series and HP EliteBook 805 Series, with more notebooks to come. 
Qualcomm (QCOM) shares rose more than 3% to $138.13 in mid-day trading on Tuesday. 
âOur collaboration with AMD reflects Qualcomm Technologiesâ commitment to the mobile computing space," said Dino Bekis, vice president and general manager, Mobile Compute and Connectivity, Qualcomm Technologies.
"By optimizing FastConnect 6900 for platforms powered by AMD Ryzen 6000 Series processors, weâre bringing secure Wi-Fi remote management to AMD enterprise customers," Bekis added. "This represents the first step in our relationship to bring superior wireless connectivity to the AMD mobile computing roadmap.â
Separately on Tuesday, investment firm Piper Sandler reiterated its outperform rating on Qualcomm (QCOM) and a number of other semiconductors, while also upgrading AMD (AMD), noting that the sell-off in the sector is overdone.
AMD (AMD) shares rose more than 8.5% to $102.61 on back of the upgrade.
Earlier this month, it was reported that the San Diego-based Qualcomm (QCOM) is looking into buying Israeli-based Cellwize for $300 million.