10 Tech Stocks That Trump’s Fellow Republican Bought Amid Market Rout

8. QUALCOMM Incorporated  (NASDAQ:QCOM)

Number of Hedge Fund Holders: 79

QUALCOMM Incorporated is the developer and marketer of foundational technologies. It offers its technologies to the global wireless industry. The company operates in Qualcomm Technology Licensing (QTL), Qualcomm Strategic Initiatives (QSI), and Qualcomm CDMA Technologies (QCT) segments. The stock is up 7% since Ms. Green bought her stake earlier in the month.

At the start of this month, Qualcomm announced the acquisition of the generative AI division of VinAI, which is an AI research company. The value of this deal has not been disclosed in the announcement. The company aims to expand its AI capabilities through this acquisition. This is the firm’s second acquisition so far this year.

The Senior Vice President of Engineering of Qualcomm said:

“This acquisition underscores our commitment to dedicating the necessary resources to R&D that makes us the driving force behind the next wave of AI innovation, by bringing in high-caliber talent from VinAI, we are strengthening our ability to deliver cutting-edge AI solutions that will benefit a wide range of industries and consumers.”

Qualcomm launched its latest X85 modem last month, which features the latest 5G AI processor. This cutting-edge technology supports high-performance connectivity requirements for advanced AI tasks. With all these ongoing advancements and the current valuation, the stock presents a buying opportunity.