O’keefe Stevens Advisory, an investment advisory firm, released its second-quarter 2024 investor letter. A copy of the same can be downloaded here. Ongoing expectations of near-term rate reduction drove a 3.9% gain in the S&P 500, and companies like Nvidia led this. In the first half, Microsoft, Alphabet, Amazon, and Meta increased by more than 10%. Approximately 63% of the S&P 500’s first-half surge was driven by just five equities, with Nvidia accounting for almost half of that total. In addition, please check the fund’s top five holdings to know its best picks in 2024.
O’keefe Stevens Advisory highlighted stocks like QUALCOMM Incorporated (NASDAQ:QCOM), in the second quarter 2024 investor letter. QUALCOMM Incorporated (NASDAQ:QCOM) develops and commercializes foundational technologies for the wireless industry. The one-month return of QUALCOMM Incorporated (NASDAQ:QCOM) was -3.56%, and its shares gained 55.89% of their value over the last 52 weeks. On July 22, 2024, QUALCOMM Incorporated (NASDAQ:QCOM) stock closed at $194.97 per share with a market capitalization of $217.587 billion.
O’keefe Stevens Advisory stated the following regarding QUALCOMM Incorporated (NASDAQ:QCOM) in its Q2 2024 investor letter:
“During the quarter, the A.I. rally broadened beyond the obvious players of Nvidia, AMD, and hyperscalers. QUALCOMM Incorporated (NASDAQ:QCOM), a long-standing investment, is gaining recognition for integrating artificial intelligence into mobile phones. Qualcomm’s A.I. on-device capabilities enable real-time language translation, improved voice recognition, and sophisticated imaging techniques as A.I. becomes more integral to mobile experiences. Qualcomm benefits by leading the market in providing robust, efficient, and versatile A.I. solutions. A.I. could be the first technology advancement in several years to accelerate the smartphone replacement cycle as users desire these advanced capabilities.”
A technician testing the latest 5G device, demonstrating the company’s commitment to innovation.
QUALCOMM Incorporated (NASDAQ:QCOM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held QUALCOMM Incorporated (NASDAQ:QCOM) at the end of the first quarter which was 78 in the previous quarter. QUALCOMM Incorporated (NASDAQ:QCOM) reported non-GAAP revenues of $9.4 billion in the fiscal second quarter of 2024 and non-GAAP earnings per share of $2.44. While we acknowledge the potential of QUALCOMM Incorporated (NASDAQ:QCOM) as an investment, our conviction lies in the belief that 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 as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed QUALCOMM Incorporated (NASDAQ:QCOM) in another article and shared the list of best undervalued stocks to buy along with the expert opinion on the future growth prospects of the US economy. QUALCOMM Incorporated (NASDAQ:QCOM) was Aristotle Capital Value Equity Strategy’s largest contributor in Q2 2024. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
