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The artificial intelligence (AI) and semiconductor industries have grown rapidly over the past year, putting Qualcomm (QCOM) in a strong position within these evolving markets. The global AI market is expected to grow from $184 billion in 2024 to over $826 billion by 2030. This boom has fueled advancements in AI-powered technologies like Qualcomm’s Snapdragon platforms, which are now widely used in automotive, internet of things (IoT), and mobile applications.
Qualcomm’s fiscal 2024 results highlight its solid footing. The company reported a 19% year-over-year jump in Q4 revenue to $10.24 billion and a 40% increase in annual net income, reaching $2.92 billion for the quarter. Its automotive segment stood out with record growth of 68%, showing how well it has integrated AI and connectivity solutions into vehicles. On top of that, Qualcomm returned $7.81 billion to shareholders through dividends and buybacks in its fiscal 2024, showing its commitment to rewarding investors.