10 Buzzing AI Semiconductor Stocks in 2024

4. Qualcomm Inc (NASDAQ:QCOM)

YTD Price Performance: +48%

Qualcomm Inc (NASDAQ:QCOM) is in the news after Qualcomm Inc (NASDAQ:QCOM) lost license to supply processors to Huawei following the US government’s tough action to punish the Chinese firm. Last month, UBS published a list of its highest-conviction AI-themed stock ideas for the next 6 to 24 months. Qualcomm Inc (NASDAQ:QCOM) was part of the list. On May 1, Qualcomm Inc (NASDAQ:QCOM) posted a solid quarter. EPS in the period came in at $2.44, beating estimates by $0.12. Revenue in the quarter jumped 1.3% year over year to $9.39 billion, surpassing estimates by $40 million.

Madison Sustainable Equity Fund stated the following regarding QUALCOMM Incorporated (NASDAQ:QCOM) in its fourth quarter 2023 investor letter:

“QUALCOMM Incorporated (NASDAQ:QCOM) also reported a solid fourth fiscal quarter with better than expected results. The company guided the first quarter ahead of expectations despite headwinds from Samsung as the inventory headwinds dissipate. Qualcomm remains well positioned in the mobile handset market and should benefit as Artificial Intelligence moves to edge devices which could drive an upgrade cycle.”