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Investing.com -- Qualcomm (NASDAQ:QCOM) shares jumped 15% on Thursday morning as investors rushed to back the company as a top contender in the AI market. The stock cooled off a little later in the day, but was still up 9%.

Tech stocks came roaring back in April, bolstered by strong earnings and a fresh wave of enthusiasm for AI-linked shares. But there's something else under the surface that has also helped the rally along, according to JPMorgan Chase: Share buybacks.

Arm Holdings (NASDAQ:ARM) reported quarterly earnings and guidance that surpassed Wall Street expectations, while highlighting strong customer demand for its recently launched artificial intelligence-focused data center processor. Despite the upbeat results, U.

U.S. semiconductor stocks rose on Wednesday as Advanced Micro Devices' strong outlook boosted investor confidence about sustained demand for AI infrastructure and that a ‌shift toward CPUs would spur the next leg of spending. AMD jumped nearly 18% in premarket ‌trading and is on track to hit a record high if gains hold in market hours, while rival Intel rose 6%. Chip designer Arm Holdings soared 11%, while Qualcomm gained about 4%.

The chipmaker's data center segment brought in $5.8 billion, up 57% year over year, as AMD raised its second-quarter revenue outlook to $11.2 billion

TSM stock is in a cup-with-handle base and trading near a high. The leading chipmaker is preparing for robust AI-driven demand.