Latest Technology News: Qualcomm Inc. (QCOM Stock): Build chip to support Meta’
Qualcomm Incorporated (NASDAQ: QCOM) noted that its next chip will support Metas AI on mobile devices, and QCOM stock gained 3.31%. With the continued buzz around artificial intelligence (AI), companies operating in the field have seen colossal growth. With earnings season knocking on the door, it will be interesting to see where QCOM fare after subsequent earnings.
Qualcomm Incorporated (QCOM stock): financial analysis
It was recently announced that by 2024 Qualcomm chips will support Metas Llama 2 Large Language Model (LLM). LLMs typically require massive computing power and the upcoming chip will allow smartphones and personal computers to run LLM on their devices.
Metas LLM is considered a significant challenger for a popular ChatGPT application. If Qualcomm can deliver what it promised, it can take on giants like NVIDIA Corp (NASDAQ: NVDA), down 2.66% to $443.09. The AI frenzy is known to have caused Nvidias’ market capitalization to exceed $1 trillion some time ago.
Qualcomm Incorporated (NASDAQ: QCOM) Technical Analysis
At press time, QCOM Stock is trading at $124.72 with a jump of 3.31%; The previous close and open stood at $120.72 and $121.93 respectively. The 52-week range is from $101.47 to $154.80, indicating that the current price is approaching a higher level. With a volume of 23.68 million shares, the market cap is $143.196 billion.
The trailing twelve-month (TTM) price-to-earnings (P/E) ratio is 13.71, indicating that the stock price is slightly undervalued. At the same time, earnings per share (EPS) (TTM) is $9.10, which shows its strength. Analysts have placed a price target at $145.92 with a 17.0% upside.
Qualcomm announced its latest earnings on May 3, 2023, with estimated revenue of $9.268 billion, beating the estimated $9.09 billion by 1.95%. Meanwhile, reported earnings of $2.15 also managed to beat the expected value of $2.146 by 0.17%.
Subsequent earnings will be disclosed on August 2, 2023, where earnings are expected to be approximately $1.808 and revenues are expected to be approximately $8.513 billion.
The profit margin gained 25.67% and the operating margin increased by 30.90%. Revenue (TTM) is 41.07 billion, earnings per share (TTM) is $36.65 and quarterly revenue growth (YoY) fell 16.90%.
Gross profit (TTM) was recorded at $25.57 billion, while total free cash at the end of the last quarter was $6.68 billion and total debt is approximately $15.99 billion.
Qualcomm Incorporated (QCOM stock): Exploring candles
Since May 2023, the price action has been oscillating in ascending order, and currently, it is touching the relatively flat EMA. The stock price has been trying to clear the crucial resistance at $127.82 for some time. If the price can sustain above the EMA for a considerable period of time, it could break the crucial resistance and even fly into the sell zone.
The rising RSI, currently at 60.28, suggests a rally, and bullish momentum could be seen once the price breaks through the sell zone.
If the price turns down, it should bounce off S1 at $113.31 before breaking down to S2 at $101.29. The price is expected to consolidate above S1 for some time.
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An Overview of Global Events in 2023
In 2023, the world witnessed a myriad of events that left a lasting impact on global affairs. From political developments and economic shifts to environmental challenges and breakthroughs in science and technology, the year was marked by significant changes and a sense of urgency for collective action. Here’s an overview of some of the latest world news in 2023.
Political Unrest and Diplomatic Strides:
In the political arena, several regions experienced unrest and geopolitical tensions. The ongoing conflict in the Middle East continued to dominate headlines, with efforts towards peace and stability remaining elusive. However, there were also moments of diplomatic breakthroughs as nations engaged in dialogues to ease tensions and work towards lasting solutions.
The global economy faced both challenges and opportunities. Trade disputes between major powers affected markets, while some countries grappled with debt crises. On the other hand, emerging economies showed resilience and promising growth, fueling optimism for a more balanced global economic landscape.
Innovation surged forward in the tech industry, with breakthroughs in artificial intelligence, renewable energy, and space exploration. Quantum computing achieved milestones, promising radical transformations across industries. Renewable energy sources gained traction, with many countries setting ambitious goals to combat climate change.
Climate Crisis and Environmental Resilience:
As the climate crisis intensified, extreme weather events wreaked havoc in various parts of the world. Wildfires, hurricanes, and floods reminded humanity of the urgent need for climate action. In response, governments and communities across the globe doubled down on efforts to reduce carbon emissions, invest in sustainable infrastructure, and protect biodiversity.
Health and Pandemic Management:
Health remained a global priority as countries continued to combat the COVID-19 pandemic. With the emergence of new variants, vaccination efforts and public health measures remained crucial to curbing the spread of the virus. There were also significant advancements in medical research and technology, offering hope for better preparedness in handling future health crises.
Sports and Cultural Milestones:
Amidst the challenges, the world found moments of joy and unity through sports and culture. International sporting events brought together athletes from diverse backgrounds, promoting solidarity and camaraderie. Cultural exchanges and celebrations showcased the richness of human diversity and fostered mutual understanding.
In conclusion, the year 2023 was a dynamic period filled with significant events that shaped the course of history. From political unrest to technological advancements and environmental challenges, the world witnessed the complexities of the global landscape. While obstacles remained, there were also encouraging developments and collaborative efforts towards a more sustainable, peaceful, and prosperous future for all nations. As we move forward, the lessons learned from these events serve as a reminder of the importance of collective action and cooperation to address shared global challenges.