35 Chip Stocks Powering AI Boom

6. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Holders: 100 

QUALCOMM Incorporated (NASDAQ:QCOM) engages in the development and commercialization of foundational technologies for the wireless industry. The company has been making efforts to capture a larger portion of the personal computer (PC) market as the sales of AI PCs take off. In line with this strategy, it recently introduced the Snapdragon X Plus 8-core processor. The new chip would enable OEMs to offer AI features in PCs in the $700 to $900 range. Tech giant Microsoft also uses QCOM chips in their latest Surface PCs that come loaded with AI features. Other PC firms that will use QCOM chips in their new products include Acer, ASUS, Dell Technologies, HP, Lenovo, and Samsung, among others.

QUALCOMM Incorporated (NASDAQ:QCOM) is viewed with bearish leanings on Wall Street. Wolfe Research recently downgraded the stock to Peer Perform from Outperform without a price target. In an investor note, the advisory detailed that recent supply chain checks indicated that Apple had made progress on its internal modem for the iPhone, and the move to an internal modem would be a headwind for Qualcomm’s QCT revenue.