Qualcomm shares staged a dramatic turnaround after the bell on Wednesday as CEO Cristiano Amon said on the earnings call that it would begin shipping data center chips to "a large hyperscaler" within the calendar year.

The stock initially fell as much as 7% after the chipmaker reported second-quarter earnings that topped Wall Street estimates but fell short on forward guidance.

Amon wouldn't disclose the customer, but said more details will come during Qualcomm's investor day in June.

Although it's largely fallen behind giants like Nvidia in the race for chips to power artificial intelligence , Qualcomm announced its own data center chips last year.…