QCMU volume surges on Qualcomm–OpenAI chip partnership buzz

Direxion Daily QCOM Bull 2X ETF (QCMU) has seen unusual trading volume, which is 13× higher than its average daily volume.

The fund’s performance is closely tied to Qualcomm (QCOM), its largest holding at 7.2% weight, which has surged after reports that OpenAI is collaborating with the chipmaker on next-generation smartphone processors, with potential mass production starting in 2028. Qualcomm shares have jumped sharply on this AI partnership speculation and a broader rally in semiconductor stocks, even as analysts highlight near-term headwinds from weak smartphone demand, supply constraints, and memory shortages ahead of the company’s Q2 FY26 earnings report later this week.