15 AI News Investors Should Not Miss

4. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 100

QUALCOMM Incorporated (NASDAQ:QCOM) is an American multinational corporation engaged in the development and commercialization of foundational technologies for the wireless industry worldwide. The company has been developing and integrating generative AI capabilities across its extensive semiconductor line for the past few years.

On Monday, October 21, QUALCOMM Incorporated (NASDAQ:QCOM) stated that its bringing the technology initially developed for its laptop chips to its mobile phone chips to make them more powerful for generative AI tasks. The successor to the outstanding Snapdragon 8 Gen 3, the newest mobile chip for the company, is called the Snapdragon 8 Elite. As per Qualcomm’s SVP and GM of Mobile, Chris Patrick, “this is a special year” for Snapdragon and the company sees a clear difference “before this chip and after this chip”. According to QUALCOMM Incorporated (NASDAQ:QCOM), the latest AI capabilities will allow customers to do things like virtually adjust the lighting in video calls and recognize real-world objects without the Internet.

Including improved performance and power efficiency, the Snapdragon 8 Elite uses Prime Cores, designed for high-end applications, and Performance Cores, for more casual tasks. In the coming weeks, Qualcomm anticipates the chips to make their way into smartphones from companies such as Samsung, Xiaomi, ASUS, OnePlus, Honor, Oppo, and more. According to the chipmaker, the central processing unit (CPU) and graphics processing unit (GPU) of the Snapdragon 8 Elite should save 44% and 40% more energy than the Snapdragon 8 Gen. 3. However, its biggest feature is its ability to power onboard AI functions.

Yahoo Finance tech editor Dan Howley talks about the QCOM’s AI chip’s heightened performance and power-saving features but also highlights how AI capabilities aren’t exactly what takes people out of the door. Rather, it is the hardware, such as the design or camera that usually motivates buying behavior. Moreover, while the PC and smartphone industries view AI as a key feature to encourage upgrades, simply enabling devices to run AI apps is unlikely to persuade most consumers to invest in new models. The only thing that will do is fascinating new apps that take advantage of AI.