Amazon locks in Qualcomm as AI silicon customerQUALCOMM IncorporatedBATS:QCOMinkicho_exnessQCOM | 4H Technical Analysis — Sep 9, 2026 Qualcomm surged today after announcing it has signed Amazon Web Services as a data center chip customer in a deal spanning "multiple generations." The agreement pairs Qualcomm's push into custom AI silicon with a warrant structure tied directly to Amazon's future purchase volume. Qualcomm granted AWS warrants at a $161.26 strike price, with the potential to acquire up to 25 million shares (roughly $4 billion) if Amazon's spend reaches its ceiling over the next decade. The structure effectively aligns Qualcomm's upside with how deeply Amazon commits to its chips, and the market read it as validation that Qualcomm's data center ambitions, long overshadowed by its smartphone processor business, are becoming commercially real. The stock jumped nearly 10% intraday on the news before settling into a smaller gain. QCOM peaked near 260 in May before entering a punishing descending channel, bounded by parallel trendlines that have contained every rally since. The decline was severe, a 44% drop to a swing low near 145 in early August, before price began carving out a base and grinding higher through 157 and 170. Today's Amazon-driven spike pushed price to 185 intraday, tagging the upper boundary of the descending channel for the first time since the breakdown began, before easing back to trade around 178. Price is now sitting above both EMAs (167.55 / 169.01), with the fast EMA curling upward beneath price. This is the first sustained bullish EMA posture since the May top. RSI at 66.31 confirms strong momentum without yet flagging overbought exhaustion, leaving room to extend if the news flow continues to support the move. The 185 level is the one that matters now. It is both the immediate resistance shelf and the exact point where the descending trendline sits, meaning a genuine breakout requires clearing a level with both technical and structural significance behind it. Key levels to watch: Resistance: 185 (channel trendline / supply zone) / 200 (major psychological level, June consolidation) Support: 170 (recently reclaimed) / 157 (breakout base) / 145 (August swing low) Bear case: The Amazon deal is a multi-year, multi-generation commitment rather than an immediate revenue event, meaning today's move could be sentiment-driven ahead of the fundamentals actually showing up. A rejection at 185 with a fade back below 170 would suggest the news is being priced out quickly, re-exposing the 157 to 145 zone that built the recent base. Bull case: If the deal reflects a genuine re-rating of Qualcomm's data center narrative rather than a one-day pop, a daily close above 185 breaks the descending channel outright, and the bullish EMA cross plus RSI room support a continuation toward the 200 level. Bias is cautiously bullish with 185 as the decision point. The fundamental catalyst is real and multi-year in nature, and the technical structure, including the bullish EMA cross, RSI with room to run, and price pressing directly into the channel trendline, lines up in the same direction. A clean break and hold above 185 would confirm the channel breakout.