QCMU Volume Soars as Qualcomm Jumps on OpenAI Hopes

Direxion Daily QCOM Bull 2X ETF (QCMU) has seen unusual trading volume, which is 24× higher than its average daily volume.

The ETF is heavily concentrated in Qualcomm, its top holding at 9.2% of assets, which is in focus as analysts react to reports of a potential collaboration with OpenAI on AI-focused smartphone processors and ahead of the company’s Q2 FY26 earnings due tomorrow. Qualcomm shares have surged in recent sessions, including a double-digit premarket jump, as commentary from multiple analysts highlighted both the long-term growth potential from AI smartphones and ongoing headwinds from weak handset demand, memory shortages, and limited near-term catalysts. The stock now carries a broadly neutral Wall Street stance, with several firms reiterating Hold or Sell ratings and price targets that imply only modest upside or even downside from current levels, adding to volatility for leveraged products like QCMU.