Qualcomm (QCOM · NASDAQ)
From Phone Chips to AI Infrastructure
Best known for the chips inside flagship phones, this NASDAQ-listed semiconductor giant is now targeting the AI build-out, from data centres to cars and robots, where energy efficiency is the new battleground
Bull case for Qualcomm
Solving AI's Power Problem
Decades of power-efficiency know-how is exactly what AI data centres need
Diversifying Into Cars, Robots and the Cloud
Fast-growing new markets steadily reducing reliance on smartphones
A Cash Machine Funding the Reinvention
High-margin licensing royalties bankroll the expansion, plus rising dividends and buybacks
Bear case for Qualcomm
Data-Centre Business Still to Prove Itself
First sales are a great signal, but the big revenue yet to come
Pressure on the Phone Business
A mature, cyclical market with exposure to shifting customer demand.
Crowded Market with Powerful Rivals
Nvidia, AMD and Arm all compete directly in Qualcomm's target markets