Published on 25 May 2024 on Insider Monkey via Yahoo Finance

Is QUALCOMM Incorporated (NASDAQ:QCOM) the Most Unstoppable AI Hardware Stock to Buy Now?

In this article, we will dissect whether QUALCOMM Incorporated (NASDAQ:QCOM) is the most unstoppable artificial intelligence (AI) stock to buy. We will also take a closer look at the advancements in the artificial intelligence industry. To view more unstoppable AI stocks, check our free report on the 7 Unstoppable Artificial Intelligence (AI) Stocks To Buy Now.

The Bull Case for AI

On April 20, Matt Bryson, Wedbush Enterprise Hardware Analyst, appeared in an interview on Yahoo Finance where he discussed the major players in the AI industry and how interest rate cuts may have little to no impact on the tech wave. Shares of tech stocks including Advanced Micro Devices, Inc. (NASDAQ:AMD) and Intel Corporation (NASDAQ:INTC) have been down by 15% over the past 30 days, followed by the Philadelphia Semiconductor Index dropping by 10% despite recent highs previously. Despite the pullback in industry activity, Bryson holds a bullish view on artificial intelligence. Bryson highlights the fuel in AI is backed by chip stocks and cloud services providers, lifting NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Amazon.com Inc (NASDAQ:AMZN). He added that despite the pullback, large tech stocks, especially chip makers, will continue investing in AI in 2025 and post strong growth results. Bryson suggests that high interest rates will certainly weigh on consumer spending in the long run, impacting high multiple stocks such as large chipmakers. He then said that interest rates may have little to no impact on the fundamental landscape of technology and AI. According to Bryson, data center operators like Microsoft Corporation (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN) will continue to bet on developing AI applications.