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Qualcomm Inc (NASDAQ: QCOM) stock traded higher Tuesday in sympathy with Nvidia Corp (NASDAQ: NVDA), buoyed by the AI rally.
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The leading smartphone processor maker described transitioning into an “intelligent edge computing” firm, said SVP Alex Katouzian at the Computex show in Taipei.
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It is betting on the AI frenzy calling for more computing power than the cloud alone can provide, especially when personal information is at stake, Bloomberg reports.
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Qualcomm, whose chips help smartphones harness AI for everything from processing photos to detecting malware, has shipped 2 billion AI-capable products to date, he said.
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Nvidia’s proximity to the trillion-dollar club courtest the AI frenzy has prompted companies from Softbank Group Corp (OTC: SFTBF) (OTC: SFTBY) Arm Ltd to Taiwan’s Asustek Computer Inc to focus on their AI-related services.
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Katouzian expects the inventory glut to ease by the third or fourth quarter of 2023. He said that some Qualcomm customers had begun increasing orders for smaller components, a leading indicator for an uptick in demand.
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Price Action: QCOM shares traded higher by 2.55% at $113.61 premarket on the last check Tuesday.
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Photo via Wikimedia Commons
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This article What’s Going On With Qualcomm Stock Tuesday originally appeared on Benzinga.com
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