Qualcomm Inc. shares soared as much as 10% after the world’s biggest seller of smartphone processors gave an upbeat forecast, suggesting that demand for handsets is increasing after a two-year slump.Revenue in the three-month period ended in June will be $8.

Qualcomm shares climbed about 10% to a more than two-year high on Thursday after the smartphone-focused chipmaker signaled an AI-fueled rebound in demand, especially in China, following a years-long slump.

Qualcomm reported stronger-than-expected financials for the March quarter, beating consensus estimates on both topline and earnings. See why QCOM stock is a Buy.