QCOM 是具吸引力的买入标的，具备显著上行潜力；合理价值估计为 268 美元，对比当前 204 美元。

If you are thinking of companies like Broadcom, Marvell, Qualcomm, Nvidia, AMD, and Apple, all of these companies rely on TSMC for at least some of their products.

Last but not least, there is Qualcomm, a lesser-known semiconductor company that I think investors will want to pay attention to. Qualcomm is not yet working in artificial intelligence in the literal sense, but it is creating new products that already have customers waiting to receive them.

These customers are huge companies, including Meta Platforms and Amazon, which have signed agreements with Qualcomm.

Qualcomm's main market is the smartphone industry, which is suffering greatly as a result of the artificial intelligence industry. Ironically, the rising costs of memory and storage pose obstacles for the smartphone industry.

But Qualcomm has expanded in recent years with relative success into new categories, such as the automotive and personal computer industries. It is reasonable to assume that Qualcomm can achieve success in the artificial intelligence data center industry, and this is what prompted some of the large customers I mentioned earlier to contract to purchase some of their products in the initial testing phase.

They were impressed with what Qualcomm offered them.

Therefore, this is a company that investors do not know well yet, because its share price has not risen like the other semiconductor companies mentioned previously, and its revenues have not increased as happened with those companies.

This analysis is based on the potential of what the company can do, rather than what it has already achieved in the AI market like the other three companies mentioned previously.

Therefore, I calculated a fair value for Qualcomm at $268 per share compared to the current market price of $204, which is a potential upside of more than 31% for Qualcomm over the next 12 to 18 months.

I mentioned that this depends on the potential, but I don't expect huge increases at the moment. I expect the company's total free cash flow to be $10 billion in 2026, which is actually a significant decrease from 2025 when it generated $12 billion in free cash flow.

From 10 billion, I expect an increase to reach 11 billion in 2027. So, no major growth yet, then another year of modest growth to reach 11.7 billion in 2028. We won't see a major jump in Qualcomm's free cash flow until 2029, from 11.8 to 18.5 billion, and then reasonable growth thereafter of around 3 billion annually.

Therefore, I do not expect this exponential growth for Qualcomm to lead me to conclude that it is undervalued. But I see it as a possibility, as an opportunity, and as something that is reasonably likely to happen.

Therefore, I think the risk here is more inclined towards the positive. I think the risk here is that I am underestimating Qualcomm’s upside potential over the coming years as it expands into the data center market.

Qualcomm is a stock I don't have in my portfolio yet, but I am very interested in adding this position or starting a new position in Qualcomm stock.