10 Most Promising AI Stocks According to Analysts

6. QUALCOMM Incorporated (NASDAQ:QCOM)

Analyst Upside as of October 9, 2024: 26%

Number of Hedge Fund Holders: 100

QUALCOMM Incorporated (NASDAQ:QCOM) is one of the most promising AI stocks to buy now. The semiconductor company produces hybrid AI architecture applicable to most generative AI applications and devices including phones, laptops, XR headsets, cars, and IoT. QUALCOMM Incorporated (NASDAQ:QCOM) engages in the production of AI hardware, AI software, and AI algorithms.

QUALCOMM Incorporated (NASDAQ:QCOM) is one of the largest producers of mobile systems-on-a-chip (SoCs). Speaking of AI, during the fiscal third quarter of 2024, the company launched its Snapdragon X series chips for PCs capable of power efficiency and personalized AI experiences. The launch of these chips positions QUALCOMM as a growing intelligent computing company.

Recently, Honeywell announced that the company is working on the development of an AI multi-modal agent for its mobile devices that will be powered by QUALCOMM’s chips. In addition to that, QUALCOMM Incorporated (NASDAQ:QCOM) announced the launch of its new Networking Elite platform, capable of revolutionizing networking connectivity with Edge AI. Last week, the company also collaborated with STMicroelectronics to develop the next generation of industrial and consumer IoT solutions backed by Edge AI.

Overall, QUALCOMM Incorporated (NASDAQ:QCOM) is well-positioned to exploit the AI wave and become a market leader. As for its supposed Intel acquisition, if it comes through, the company will have access to multiple foundries, allowing it to compete with giants like Taiwan Semiconductor.