Qualcomm has clinched a significant deal with ByteDance to provide specific integrated circuits supporting the Chinese tech giant's AI agent software. This move marks Qualcomm's advance into the AI chip industry, with its shares soaring to an intraday record high of 8.3%.

ByteDance, the company behind the popular Douyin and TikTok platforms, is set to become one of Qualcomm's major customers for AI-focused ASICs, a strategic shift lauded by investors and analysts. Qualcomm's Chief Executive Officer Cristiano Amon hinted at engaging with several companies during a recent earnings call, signaling a positive reception for the chipmaker's new venture.