diff --git a/packages/calcite-components/src/components/tooltip/TooltipManager.ts b/packages/calcite-components/src/components/tooltip/TooltipManager.ts
index c1bb55c5b8f..fa9edeca4a0 100644
--- a/packages/calcite-components/src/components/tooltip/TooltipManager.ts
+++ b/packages/calcite-components/src/components/tooltip/TooltipManager.ts
@@ -1,7 +1,7 @@
 // @ts-strict-ignore
 import { getShadowRootNode } from "../../utils/dom";
 import { ReferenceElement } from "../../utils/floating-ui";
-import { TOOLTIP_OPEN_DELAY_MS, TOOLTIP_CLOSE_DELAY_MS } from "./resources";
+import { TOOLTIP_OPEN_DELAY_MS, TOOLTIP_QUICK_OPEN_DELAY_MS, TOOLTIP_CLOSE_DELAY_MS } from "./resources";
 import { getEffectiveReferenceElement } from "./utils";
 import type { Tooltip } from "./tooltip";
 
@@ -26,6 +26,8 @@ export default class TooltipManager {
 
   private clickedTooltip: Tooltip["el"] = null;
 
+  private hoveredTooltip: Tooltip["el"] = null;
+
   // --------------------------------------------------------------------------
   //
   //  Public Methods
@@ -116,6 +118,12 @@ export default class TooltipManager {
       return;
     }
 
+    if (tooltip !== this.hoveredTooltip) {
+      this.clearHoverOpenTimeout();
+    }
+
+    this.hoveredTooltip = tooltip;
+
     if (tooltip) {
       this.openHoveredTooltip(tooltip);
     } else if (activeTooltip?.open) {
@@ -266,7 +274,7 @@ export default class TooltipManager {
   private openHoveredTooltip = (tooltip: Tooltip["el"]): void => {
     this.hoverOpenTimeout = window.setTimeout(
       () => {
-        if (this.hoverOpenTimeout === null) {
+        if (this.hoverOpenTimeout === null || tooltip !== this.hoveredTooltip) {
           return;
         }
 
@@ -274,7 +282,7 @@ export default class TooltipManager {
         this.closeTooltipIfNotActive(tooltip);
         this.toggleTooltip(tooltip, true);
       },
-      this.activeTooltip?.open ? 0 : TOOLTIP_OPEN_DELAY_MS,
+      this.activeTooltip?.open ? TOOLTIP_QUICK_OPEN_DELAY_MS : TOOLTIP_OPEN_DELAY_MS,
     );
   };
 
diff --git a/packages/calcite-components/src/components/tooltip/resources.ts b/packages/calcite-components/src/components/tooltip/resources.ts
index b7d0071e0e8..6b07af326db 100644
--- a/packages/calcite-components/src/components/tooltip/resources.ts
+++ b/packages/calcite-components/src/components/tooltip/resources.ts
@@ -4,6 +4,7 @@ export const CSS = {
 };
 
 export const TOOLTIP_OPEN_DELAY_MS = 300;
-export const TOOLTIP_CLOSE_DELAY_MS = 500;
+export const TOOLTIP_QUICK_OPEN_DELAY_MS = TOOLTIP_OPEN_DELAY_MS / 3;
+export const TOOLTIP_CLOSE_DELAY_MS = TOOLTIP_OPEN_DELAY_MS * 1.5;
 
 export const ARIA_DESCRIBED_BY = "aria-describedby";
diff --git a/packages/calcite-components/src/components/tooltip/tooltip.e2e.ts b/packages/calcite-components/src/components/tooltip/tooltip.e2e.ts
index 30912079e10..b121f77b89a 100644
--- a/packages/calcite-components/src/components/tooltip/tooltip.e2e.ts
+++ b/packages/calcite-components/src/components/tooltip/tooltip.e2e.ts
@@ -5,7 +5,7 @@ import { accessible, defaults, floatingUIOwner, hidden, openClose, renders, them
 import { html } from "../../../support/formatting";
 import { getElementXY, GlobalTestProps, skipAnimations } from "../../tests/utils";
 import { FloatingCSS } from "../../utils/floating-ui";
-import { TOOLTIP_OPEN_DELAY_MS, TOOLTIP_CLOSE_DELAY_MS, CSS } from "./resources";
+import { TOOLTIP_OPEN_DELAY_MS, TOOLTIP_CLOSE_DELAY_MS, CSS, TOOLTIP_QUICK_OPEN_DELAY_MS } from "./resources";
 import type { Tooltip } from "./tooltip";
 
 interface PointerMoveOptions {
@@ -1236,7 +1236,7 @@ describe("calcite-tooltip", () => {
     });
   });
 
-  it("should open tooltip instantly if another tooltip is already visible", async () => {
+  it("should open tooltip faster if another tooltip is already visible", async () => {
     const page = await newE2EPage();
 
     await page.setContent(
@@ -1260,7 +1260,7 @@ describe("calcite-tooltip", () => {
     expect(await tooltip2.getProperty("open")).toBe(false);
 
     await dispatchPointerEvent(page, "#ref2");
-    await page.waitForTimeout(0);
+    await page.waitForTimeout(TOOLTIP_QUICK_OPEN_DELAY_MS);
     expect(await tooltip1.getProperty("open")).toBe(false);
     expect(await tooltip2.getProperty("open")).toBe(true);
   });