$Qualcomm(QCOM.US)Mark this: Qualcomm's current PE is about 23x, and the market still mainly values it as a "mobile chip old stock." However, if data center custom silicon, edge AI, and physical AI gradually materialize, it might shift from a mobile chip valuation to an AI platform valuation.
Compared to AMD, Qualcomm is not directly challenging NVIDIA's GPUs head-on but is taking a differentiated route focusing on low-power inference, on-device AI, custom chips, and edge-to-data-center. AMD has already been revalued as the second AI platform, while Qualcomm's AI optionality may not yet be fully priced in.
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