Bernstein analyst Stacy Rasgon notes that Qualcomm (QCOM) has actually sold AI accelerators for years, but today’s announcement of new chip and rack-scale AI datacenter products for inference, as well as a a partnership with HUMAIN in Saudi Arabia to deploy 200 MW of these racks starting in 2026, “appears to be garnering” more attention, with the stock significantly outperforming, even on a strong day for the market. The analyst, who calls it “not unreasonable” for the market to start giving Qualcomm a little bit of the benefit other have seen from the “small slice of a big pie” thesis, rates Qualcomm an Outpeform.
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