US Stock Market Move | Qualcomm (QCOM.US) rose by over 2% as it plans to raise product prices starting in September to alleviate short-term gross margin pressure.

On Monday, Qualcomm (QCOM.US) rose more than 2%, closing at $168.48. In terms of news, Qualcomm previously announced that it would raise product prices starting September 1 to address the pressure from continuously rising supply chain costs. Qualcomm's CEO, Cristiano Amon, stated that the primary goal of this price increase is to restore the gross margin to historical normal levels. He emphasized that Qualcomm is merely passing on the significant cost increases that have already occurred downstream. Currently, the pace of rising costs is faster than the adjustment of product prices, leading to short-term pressure on the company's gross margin, and price increases will be a key means for Qualcomm to address this issue.