Qualcomm’s (QCOM) Hurt By Memory, Says Jim Cramer

We recently published 12 Stocks on Jim Cramer’s Radar.  QUALCOMM Incorporated (NASDAQ:QCOM) is one of the stocks on Jim Cramer’s radar.

QUALCOMM Incorporated (NASDAQ:QCOM) is one of the largest semiconductor designers in the world. Its products are used in smartphones, cars, and other products. QUALCOMM Incorporated (NASDAQ:QCOM)’s shares are down by 18% over the past year and by 20% year-to-date. Cantor Fitzgerald discussed the firm ahead of its second-quarter earnings. It outlined that QUALCOMM Incorporated (NASDAQ:QCOM) could issue weaker-than-expected guidance due to concerns about Apple’s products and problems in the Chinese smartphone market. To wit, the firm guided $2.45 and $2.65 in adjusted earnings per share and revenue of $10.2 billion to $11 billion. Both of these sat below analyst estimates of $11.11 billion in revenue and earnings of $2.89 per share. Cramer also mentioned Apple as he commented on QUALCOMM Incorporated (NASDAQ:QCOM) following the earnings report:

“They’re really hurt by memory, they’re like Sony. They don’t have a lot of memory and whoever has memory wins. Apple’s got memory, even though they don’t have as much, they complained on the call but they’re doing well.”

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 this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.