We recently compiled a list of the 15 AI News You Missed This Week. In this article, we are going to take a look at where QUALCOMM Incorporated (NASDAQ:QCOM) stands against the other AI stocks you missed this week.
There is a lot of debate around potential AI policy changes as Donald Trump prepares to take charge as US president. According to a report by news platform Wired, a Trump administration AI policy would likely prioritize ensuring US leadership in AI development, focusing on competition with China. This strategy, per the report, could involve bolstering federal resources to support massive AI projects and maintaining or intensifying sanctions on Chinese tech companies to restrict their access to critical US technology, like advanced chips essential for training powerful AI models. Trump has promised to repeal the executive order on AI by US President Biden, which was introduced to implement safety measures like preventing algorithmic bias and strengthening federal oversight of AI developments. Critics argue that reversing these policies could lead to less oversight in a rapidly evolving field, potentially increasing risks as AI is deployed more broadly.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
Another important development that investors should keep an eye on is the influence of Elon Musk on Trump’s policies. Musk aggressively backed Trump during the campaign and his AI startup, xAI, could benefit from friendly Trump policies, per the Wired report. The report also added that the focus on xAI would in turn serve to make OpenAI and Google targets, perhaps threatening the ability of the two firms to secure lucrative future government contracts.
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 12, Cristiano Amon, the CEO of the firm, said at the Web Summit conference in Lisbon that the artificial intelligence boom would not lead to a global chip shortage similar to what happened during the pandemic, even with demand for AI-enabled smartphones rising. Amon added that users, when they thought about buying their next phone, they wanted to buy a better phone. He said he expected that the capabilities of having processing of AI and AI use cases were actually going to continue to accelerate that trend.
Overall QCOM ranks 9th on our list of the AI stocks you missed this week. 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.
