- Qualcomm Inc (NASDAQ:QCOM) stock traded higher Tuesday in sympathy with Nvidia Corp (NASDAQ:NVDA), buoyed by the AI rally.
- The leading smartphone processor maker described transitioning into an “intelligent edge computing” firm, said SVP Alex Katouzian at the Computex show in Taipei.
- 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.
- 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.
- 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.
- 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.
- Price Action: QCOM shares traded higher by 2.55% at $113.61 premarket on the last check Tuesday.
- Photo via Wikimedia Commons
Dow Falls Over 1%; US Inflation Rate Accelerates In March
U.S. stocks traded lower this morning, with the Dow Jones index falling more than 1% on Wednesday.
Following the market opening Wednesday, the Dow traded down 1.21% to 38,414.32 while the NASDAQ fell 0.98% to 16,147.16. The S&P 500 also fell, dropping, 0.99% to 5,158.18.
