QUALCOMM Inc. (QCOM) Is One Of Billionaire David Tepper’s Oldest AI Stocks

We recently published David Tepper Stock Portfolio: 10 Long-Term Stock Picks. QUALCOMM Inc. (NASDAQ:QCOM) is one of the long-term stock picks.

Appaloosa Management has held QUALCOMM Inc. (NASDAQ:QCOM)’s shares since the first quarter of 2021. From Q1 2012 to Q1 2014, the fund continuously held the shares. It then briefly held them in 2016 before re-entering the position in the fourth quarter of 2020. Following the disclosure of 515,500 shares for Q2 2020, Appaloosa continued to hold its stake in QUALCOMM Inc. (NASDAQ:QCOM) until the third quarter of 2021. It then re-entered in the second quarter of 2023 and has held a stake since then. Appaloosa’s latest stake in QUALCOMM Inc. (NASDAQ:QCOM) is worth $64 million.

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Like other chip designers, QUALCOMM Inc. (NASDAQ:QCOM) is also busy making moves in the AI industry. The firm announced on June 9th that it was working with oil and gas exploration and production equipment provider SLB. Through the deal, the two firms will cooperate on AI processing, edge computing and Internet-of-Things (IoT) use cases. QUALCOMM Inc. (NASDAQ:QCOM) has also entered into an agreement to provide Chinese technology conglomerate ByteDance with AI chips to power up AI agents.

While we acknowledge the risk and potential of QCOM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than QCOM and that has 10,000% upside potential, check out our report about the cheapest AI stock.

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