Top 10 Undervalued Tech Stocks to Buy According to Hedge Funds

2. QUALCOMM Incorporated (NASDAQ:QCOM)

Number of Hedge Fund Investors: 74

Forward P/E Ratio as of January 13: 13.79

QUALCOMM Incorporated (NASDAQ:QCOM) is a global leader in wireless technology and semiconductor solutions, with a focus on mobile devices, automotive, and IoT. The company generates revenue through chipset sales and licensing fees for its intellectual property.

QUALCOMM Incorporated (NASDAQ:QCOM) is focusing on capitalizing on the growing demand for on-device artificial intelligence (AI) and edge computing. The company recognizes the transformative potential of edge AI in enhancing the human-computer interface to provide context, immediacy, and personalization while ensuring privacy and security. At the recent Snapdragon Summit, QUALCOMM Incorporated (NASDAQ:QCOM) showcased its vision for AI-enabled edge computing and announced partnerships with Meta to support Llama 3.2 on Snapdragon-powered devices and with Amazon to create a cloud-to-edge solution for customizing and deploying AI models. The company also introduced the Snapdragon 8 Elite, which features a second-generation custom Oryon CPU and a newly architected hexagon NPU to deliver cutting-edge AI capabilities in mobile devices.

Additionally, QUALCOMM Incorporated (NASDAQ:QCOM) is also expanding its presence in the Industrial IoT (IIoT) market with the launch of the Qualcomm IQ Series and the IoT Solutions Framework. These offerings are designed to meet the needs of next-generation industrial edge applications to provide solutions for inspection, automation, robotics, and advanced computer vision. The company has integrated connectivity and computing power in its Networking Pro A7 Elite Platform, which aims to further enhance the company’s capabilities in edge networking.