10 AI News Updates Making Waves on Wall Street

1. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 74

QUALCOMM Incorporated (NASDAQ:QCOM) develops wireless technologies and offers integrated circuits, software, licensing, and strategic investments across various industries.

On February 5, Qualcomm reported Q1 non-GAAP EPS of $3.41, beating estimates by $0.44, and revenue of $11.67 billion, up 17.6% year-over-year, surpassing expectations by $770 million. For Q2, the company expects revenue between $10.2 billion and $11.0 billion, with non-GAAP EPS between $2.70 and $2.90, in line with consensus estimates. Qualcomm is optimistic about the growing AI opportunity, especially with on-device AI models like DeepSeek-R1, which are running on Snapdragon-powered smartphones and PCs. The company expects increasing demand for its platforms across a range of devices as AI inference moves to the edge. In handsets, the Snapdragon 8 Elite powers Samsung’s Galaxy S25 series, improving AI capabilities. Qualcomm’s design traction also extends to Chinese OEMs and PCs, with the Snapdragon X series showing significant growth. The company continues to expand in XR, IoT, and automotive, with notable collaborations, including with Meta.

While we acknowledge the potential of QUALCOMM Incorporated (NASDAQ:QCOM) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than QCOM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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