Qualcomm’s (QCOM) Impressive Roadmap Boosted by Automotive and IoT Growth

Qualcomm Inc. (NASDAQ:QCOM) is one of the most profitable tech stocks to invest in now. Qualcomm Inc. (NASDAQ:QCOM) presented at the Oppenheimer Technology, Internet & Communications Conference on August 12, outlining its growth trajectory in automotive and industrial IoT. Management emphasized that the company is on track to reach its $4 billion automotive revenue target ahead of schedule, supported by strong demand.

Qualcomm’s (QCOM) Impressive Roadmap Boosted by Automotive and IoT Growth

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Qualcomm Inc.’s (NASDAQ:QCOM) automotive roadmap also includes advanced ADAS silicon and safety-grade chips, underscoring its role in software-defined vehicles. Beyond autos, the company is leveraging this expertise in the industrial IoT market with its IQ series processors, aiming to generate $4 billion in revenue from this segment by 2029.

To broaden capabilities, Qualcomm Inc. (NASDAQ:QCOM) has pursued targeted acquisitions, including Edge Impulse for AI model deployment and AutoTox for V2X safety applications. These moves expand its software and hardware offerings, strengthening its positioning in connected industries.

Qualcomm Inc. (NASDAQ:QCOM) is a semiconductor technology company specializing in wireless communications. It engages in 5G technology, supplies chipsets and system-on-chip solutions for mobile devices, automotive applications, and the Internet of Things (IoT). Its Snapdragon processors are widely used across smartphones and connected devices.

While we acknowledge the potential of QCOM to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than QCOM and that has 100x 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.