QUALCOMM (NASDAQ:QCOM) shares, along with other chip-related stocks, are moving higher Wednesday in sympathy with Advanced Micro Devices, Inc. (NASDAQ:AMD) which reported better-than-expected 2024 fiscal year second quarter earnings on Tuesday.

What Happened: AMD reported EPS of 69 cents beating analyst estimates of 68 cents and revenue of $5.83 billion beating analyst estimates of $5.72 billion.

Revenue from AMD’s data center segment was $2.8 billion, a record high that represents a 115% year-over-year growth.

AMD sees third quarter revenue between $6.4 billion and $7 billion versus analyst estimates of $6.61 billion.

QUALCOMM is set to release its third quarter fiscal earnings on Wednesday after the market closes. Analyst estimates EPS of $2.25 and revenue of $9.21 billion.

Chinese foreign ministry spokesperson Lin Jian told Reuters that efforts by the U.S. to “coerce other countries into suppressing China’s semiconductor industry” undermines global trade and hurts all parties.

The spokesperson also stated, “Containment and suppression cannot stop China’s development, but will only enhance China’s determination and ability to develop its scientific and technological self-reliance.”

Certain countries may be exempt from the rule, including Japan, the Netherlands and South Korea. The Biden administration is anticipated to release the rule next month.

Related Link: Meta Slammed For Reportedly Profiting From Ads Promoting Illegal Drugs

QCOM Price Action: At the time of publication, QUALCOMM shares are trading 5.24% higher at $175.69 per data from Benzinga Pro.

Image: Photo via Shuttershock