Qualcomm (QCOM, Financial) was featured in the Mairs & Power Growth Fund's 2nd-Quarter Commentary 2024 Q2 as a long-term holding poised to benefit from AI advancements. The company's technology is integral to cellular communications, and its extensive R&D investments have fortified its competitive position.
"One great example of this is Qualcomm (QCOM, Financial), which is a long-term holding of the Fund. While it may not be a household name, chances are high that you use their technology multiple times a day, since the company’s modems and chipsets are vital to cellular communications. In fact, Qualcomm has a near monopoly on cellular modems. The company’s competitive position has been built through more than $60 billion in research and development (R&D) over the last 10 years, leading to a portfolio of more than 164,000 active patents. Qualcomm is up nicely this year as its technology will likely play a big role in the AI market, as devices such as smartphones become key to delivering AI inferencing." — Mairs & Power Growth Fund, Q2 2024 Fund Letter
Read full letter at gurufocus Mairs & Power Growth Fund's 2nd-Quarter Commentary 2024 Q2 page.
