Is Qualcomm The Ultimate "Safe" Tech Buy?

Core Viewpoint - Qualcomm (QCOM) is positioned as an attractive investment opportunity due to its high cash yield, strong fundamentals, and discounted valuation [1] Current Developments - QCOM shares are trading at a notably discounted P/S (Price-to-Sales) ratio compared to its 3-month and 2-year peaks, as well as lower than its 3-year average [3] - The automotive division of Qualcomm is experiencing robust growth, with a design pipeline valued at $45 billion and over 75 million vehicles equipped with Snapdragon Digital Chassis [5] - Qualcomm is expanding into AI PCs, with 150 Snapdragon designs planned for 2026, focusing on on-device AI, contributing to a 10% year-on-year revenue increase in Q4 FY2025 [5] Strong Fundamentals - Qualcomm boasts a free cash flow yield of 7.8%, an operating margin of 28.0% over the past 12 months, and a revenue growth of 13.7% over the last year [11] - The current valuation shows QCOM trading at 30% below its 2-year high and 16% below its 1-month high, with a lower P/S ratio than its 3-year average [11]