Nomura Value Fund on QUALCOMM Incorporated
Thesis
The fund initiated QUALCOMM while the semiconductor company was out of favor and trading at what the team considered a reasonable valuation. Beyond its traditional handset chip business, QUALCOMM is expanding into AI inference, automotive applications and the internet of things. That diversification gives the company multiple paths to growth while the valuation provides the value discipline the fund seeks.
“Known for making chips for mobile handsets, the company is expanding its product range in support of AI inference, automotive applications, and the internet of things (IoT).”