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Qualcomm (NASDAQ:QCOM) Unveils New Mobile Chip As Phone Demand Dwindles

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Qualcomm revealed its new Snapdragon 8 Gen 2 Mobile Platform at the Snapdragon Summit 2022 event on Tuesday. Among its early adopters will be Sony, Xiaomi, and Motorola.

Qualcomm (NASDAQ:QCOM) introduced its new flagship chip for Android phones at the Snapdragon Summit 2022 on Tuesday. The announcement comes on the heels of Qualcomm’s earnings report released earlier this month, where the company predicted a higher-than-expected decline in 2022 phone sales.

The first phones using the Snapdragon 8 Generation 2 Mobile Platform are likely to hit the market by the end of the year.

The AI-powered chip will support connected computing and will be incorporated into devices from several manufacturers and brands, including Sony (NYSE:SONY), Xiaomi, Motorola, OnePlus, Asus Republic of Gamers, and others.

The new platform will enable devices to process voice commands in multiple languages faster. Additionally, the platform will offer Cognitive ISP for improved quality of photos and videos, and better gaming capabilities like real-time hardware-accelerated ray tracing. Importantly, the platform will be secured with Snapdragon Secure technology.

Is QCOM a Buy, Sell or Hold?

Wall Street is cautiously optimistic about Qualcomm stock, with a Moderate Buy consensus rating based on 16 Buys and seven Holds. The QCOM stock price is expected to climb 20.54% over the next year and reach the average price target of $151.91.

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