What's Going On With Qualcomm Stock Tuesday

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.
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What’s Going On With Qualcomm Stock Tuesday