Qualcomm guided Q2 profit well below expectations as AI data center demand creates a global memory chip shortage, sending shares down 11% after

"Cost went up, prices are going to go up," Qualcomm CEO Cristiano Amon said in an interview.

July 29 : Qualcomm forecast fourth-quarter profit below Wall Street estimates on Wednesday, and said revenue from Apple products would decline faster than expected as supply…

But AI has come along just in time to cover being dumped by Apple