Qualcomm jumped 9% this week on an Amazon warrant deal tied to $60bn of future chip orders, the latest sign hyperscalers need equity, not just purchase orders, to lock up chip supply. Record 2Q26 memory revenue and Samsung's widening gap with TSMC show why.
Amazon locked multi-year custom inference silicon from Qualcomm, with purchase-linked warrants on 25 million shares as AWS spreads compute supply beyond in-house Trainium. Source
