15 AI Stocks That Are On Sale

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8. QUALCOMM, Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 100

Expected Earnings Growth: 19.6%

P/E Ratio: 16.9

QUALCOMM, Incorporated (NASDAQ:QCOM) is another semiconductor company on our list. It develops and commercializes foundational tech for the wireless industry worldwide.

These days, the most exciting news surrounding QUALCOMM, Incorporated (NASDAQ:QCOM) is the company’s intention to buy certain parts of Intel Corporation, particularly Intel’s PC chip design business. This news does not surprise many investors since QUALCOMM, Incorporated (NASDAQ:QCOM) has recently launched its Snapdragon X series in the PC space.

Another reason for QUALCOMM, Incorporated’s (NASDAQ:QCOM) popularity is its work in driving innovation in the move to smartphones. The company’s chips have been of such a quality that even companies like Apple have been unable to replace QUALCOMM, Incorporated (NASDAQ:QCOM) chips with their own, despite repeated attempts to do so. The company is also actively involved in the AI space, driving greater innovation and growth to push more consumers and businesses to upgrade their smartphones with the latest technology.

Since QUALCOMM, Incorporated (NASDAQ:QCOM) is one of the companies most dependent on smartphone sales, recent news surrounding expected growth in smartphone shipments is also something that has been working in QUALCOMM, Incorporated’s (NASDAQ:QCOM) favor. In fact, in the third quarter of fiscal 2024, QUALCOMM, Incorporated (NASDAQ:QCOM) generated $5.9 billion in sales in its handsets segment, up 12% year-over-year.

A total of 100 hedge funds were long QUALCOMM, Incorporated (NASDAQ:QCOM) in the second quarter, with a total stake value of $8.8 billion.

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