Group 1 - Qualcomm is positioning itself for significant opportunities in the AI sector, indicating a strong investment strategy that goes beyond surface-level headlines [2][3] - The upcoming capex growth announcements from major players like Amazon and Google are critical for the AI market's performance, with expectations set at 8% and 13% respectively [4][6] - Qualcomm's recent market cap increase of $20 billion reflects investor optimism, but the sustainability of this growth hinges on the capex commitments from tech giants [6][4] Group 2 - The competitive landscape for Qualcomm includes challenges, particularly in its relationship with Apple, but the company's ambition to enter a crowded market suggests a recognition of supply constraints in AI inference [3][8] - Analyst expectations for Qualcomm's stock are cautious, with a current trading multiple of around 15 times next year's earnings, indicating that while the stock appears cheap, it may be undervalued for specific reasons [8][9] - The historical context of competitors like AMD, which faced difficulties in chip development, serves as a reminder of the challenges Qualcomm may encounter in achieving its ambitious goals [9]