Qualcomm Inc. (NASDAQ:QCOM) is making its boldest move yet beyond smartphones, unveiling new AI accelerator chips that mark its entry into the fast-growing data center market, a pivotal step to diversify revenue and challenge Nvidia's dominance in the AI computing race.
Bank of America reiterated its Buy rating on Qualcomm with a $200 price forecast, citing the chipmaker's newly announced AI accelerator chips as a meaningful step toward diversifying beyond its core smartphone market.
