Qualcomm experienced a notable rally in its stock today, with shares surging close to 12%. This significant increase propelled the company's market capitalization beyond the $250 billion mark.

The stock's ascent brings it within striking distance of its 52-week high. Shares opened at $214.43 before climbing to a high of $241.15 during trading.

The driving force behind this impressive performance appears to be a landmark automotive partnership with Stellantis. This collaboration has reportedly transformed what Wall Street previously viewed as a long-term promise into a more tangible and immediate prospect for the tech giant.