Is Qualcomm a stock that makes millionaires?

Most investors looking for a great artificial intelligence (AI) investment seem to find Nvidia First. And understandably so. Not only is the company’s technology at the heart of most AI platforms, it’s been performing like a champ since the AI ​​craze began a few years ago. Indeed, Nvidia’s 400%+ stock surge since this point in 2022 has likely already turned a handful of investors into millionaires.

Nvidia isn’t the only company benefiting from the continued growth of the AI ​​sector, though. Now that the dust has settled, it’s becoming clear that the movement isn’t limited to just computer processors. Walls full of individual processors need to be connected together, and over time, artificial intelligence Solutions must go beyond data centers and extend to users’ mobile devices (smartphones) for the technology’s potential to be fully exploited.

Enter Qualcomm (NASDAQ: QCOM)which could be the next big AI investment, even though few people are talking about it right now.

The Qualcomm You Don’t Know

Older investors will remember Qualcomm as a powerhouse from the early days of the mobile phone era. Apple launched its first iPhone in 2007 and earlier Samsung By increasing the pressure on its mobile technology, Qualcomm was not only a supplier of many of the components found in these devices, but also a popular mobile phone brand in its own right.

Clearly, a few Things have changed since then, but not necessarily for the worse. While other players have supplanted Qualcomm on the branded mobile phone front, the company has managed to double down on other things. Take automobiles, and more specifically, connected cars. Qualcomm’s chips power a variety of modern in-car solutions, including driver assistance, maps, and entertainment.

Smart homes are also in its sights. Chances are, a thermostat, refrigerator, or air conditioner that can be controlled remotely will use components made by Qualcomm.

However, many of the company’s products are far more practical and necessary than smart home appliances or car accessories. Qualcomm’s technology is capable of bridging the gap between 5G cellphone connectivity and more localized Wi-Fi connections, for example, by allowing it to serve the service providers you pay for cell phone service with.

But the most promising technology in the company’s portfolio is the one that puts it back on the mobile path. It’s the latest version of its Snapdragon processor, which can handle generative AI tasks directly from the device it powers.

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