Qualcomm Raises Prices by Double-Digit Percentage Today, Says Cannot Absorb Costs

QCOM-1.47%
NVDA0.62%

According to Bloomberg, citing a letter to customers, Qualcomm told clients today that it can no longer absorb price increases and will implement a double-digit percentage price hike.

Qualcomm's share decline narrowed following the announcement, while Nvidia rose 1.2% to hit a daily high. The Nasdaq-100 index turned positive after dipping 1.3% earlier in the session.

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