Qualcomm pops 10% on chipmakers earnings and revenue beat
Summary
Qualcomms fortunes have historically been tied to the smartphone industry, where the company provides a range of chips to handset makers, including system-on-a-chip processors, modems, and antennas. Under CEO Cristiano Amon, the company has diversified away from being a smartphone supplier and has introduced and invested heavily in producing chips for PCs, cars, and industrial machines. Qualcomm has also made efforts to brand itself as a leader in AI, having developed smartphone chips with specialized parts for machine learning since 2017. But unlike Nvidia , the company doesnt produce the kind of graphics processors for data centers that are used for big AI programs like OpenAIs ChatGPT. The companys profitable technology licensing business, QTL, reported $1.52 billion in revenue, a 21% increase over the same period last year.
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