The push by Qualcomm Inc.’s new chief executive to diversify into everything from cars to connected devices now comes with ambitious targets that are boosting investor sentiment for the company best known for providing cellphone chips.

Qualcomm shares climbed to a record close Tuesday after Chief Executive Cristiano Amon said the company’s roughly $1 billion automotive business would reach $10 billion in 10 years and that its sales linked to connected devices, the so-called Internet of Things, could advance more than 75% through 2024 and reach $9 billion.