Bernstein Says Qualcomm Isn’t an AI Winner. Try Top-Rated Nvidia or Amazon Stock Instead.

Artificial Intelligence (AI) stocks have been some of the market’s biggest winners over the past few years, but not every chipmaker is benefiting equally from the AI boom. Some names are still facing pressure from higher component costs, softer end markets, and shifting customer demand.

That is now putting Qualcomm (QCOM) in the spotlight after Bernstein downgraded the stock and cut its price target, saying investors may be better off owning actual AI winners instead. While Qualcomm still trades at a relatively cheap valuation, the firm sees weaker smartphone demand and rising memory costs as headwinds that could limit upside.