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Qualcomm (QCOM) enters the final stretch of 2025 on strong footing. The stock is up roughly 18% year to date, giving the company a market capitalization of about $191 billion. While the upcoming Nov. 5 earnings report will offer the latest read on fundamentals, the larger story is Qualcomm’s ongoing pivot toward artificial intelligence, an evolution that’s quietly redefining its role in the semiconductor landscape.