We recently compiled a list of the 13 AI News You Probably Missed. In this article, we are going to take a look at where QUALCOMM Incorporated (NASDAQ:QCOM) stands against the other AI stocks.
Artificial intelligence has penetrated every aspect of our lives. The latest indication of this comes from the Vatican, which recently revealed new AI-enabled features for Saint Peter’s Basilica, a historic church, that allows virtual access to Renaissance-era architectural treasures for enhanced tours for visitors. News agency Reuters reports that tech giant Microsoft and heritage startup Iconem worked with the Vatican on a new interactive website, a digital replica of the basilica and two AI-enabled exhibitions. Per the report, the 3D model of the area was developed using drones, cameras and lasers. AI algorithms then pieced together, elaborated and completed the data.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
AI has truly revolutionized the world. For example, AI tools that are available in the market today can undertake many time-consuming tasks intelligently, like gathering and organizing information, and drafting documents and presentations. Peter Morici, an American economist, recently noted in an opinion piece for Market Watch that the legal and other liabilities when AI agents are allowed to act on behalf of humans may be without limit. Morici was contextualizing the advancement of AI tools in sectors like education, finance, safety and security, as well as healthcare and medicine.
Read more about these developments by accessing 30 Most Important AI Stocks According to BlackRock and Beyond the Tech Giants: 35 Non-Tech AI Opportunities.
For this article, we selected AI stocks by combing through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
A technician testing the latest 5G device, demonstrating the company’s commitment to innovation.
QUALCOMM Incorporated (NASDAQ:QCOM)
Market Capitalization: $185 Billion
QUALCOMM Incorporated (NASDAQ:QCOM) develops and sells foundational technologies for the wireless industry. On November 11, Loop Capital initiated coverage of the stock with a Hold rating and $180 price target. The advisory believes that the company needs revenue diversity more than anything, especially considering that Apple is in the early stages of moving to its own baseband modem and that the smartphone market is mature. Loop added that the AI upgrade cycle is showing mixed results, and its review of the moving parts indicates that the stock warrants a neutral stance.
Overall QCOM ranks 9th on our list of the AI stocks you probably missed. While we acknowledge the potential of QCOM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than QCOM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.
Disclosure: None. This article is originally published at Insider Monkey.
