Shares of Qualcomm Inc. (NASDAQ: QCOM) were trading up more than 2% on the morning of Wednesday, Dec. 10, marking their longest stretch of gains in months and putting the stock up 12% in just a few weeks. It’s an impressive move for a company that, according to the team at Wedbush, is supposedly on the wrong side of the AI revolution.
Earlier this week, Wedbush released a note arguing that a surge in AI-related memory demand will squeeze margins and hurt companies focused on traditional PC and handset markets. Qualcomm was named among the unlucky few "AI losers" expected to feel pressure as DRAM and NAND flash prices soar and hyperscalers like NVIDIA Corp (NASDAQ: NVDA) lock in supply.
