Qualcomm pushes deeper into AI with new product roadmap

Summary

CNBC's Kristina Partsinevelos reports on Qualcomm's push into AI, including a potential TensTorrent acquisition to enter the AI accelerator market, a new data center CPU to capture AI-driven CPU demand, and an upcoming investor day as a major catalyst. She also discusses Micron's extreme oversold condition alongside insatiable memory chip demand and a narrative shift away from cyclicality.

• Qualcomm is working to reposition as an AI company beyond smartphones.
• Reports suggest Qualcomm is in talks to buy AI chip startup TensTorrent for $8-10 billion, gaining talent and data center accelerator exposure.
• CEO Cristiano Amon argues AI agents will create a surge in CPU demand, and Qualcomm has built a dedicated data center CPU for that opportunity.
• Next Tuesday's investor day is a big catalyst, where Qualcomm is expected to name the hyperscaler for its custom AI chips.
• Qualcomm remains heavily dependent on handset revenue and faces the loss of Apple modem business after this fall.
• Micron is noted as the eighth largest S&P 500 stock by weighting after a huge rally, yet it is in its most oversold condition in 30 years.
• Kristina Partsinevelos argues memory chip demand is insatiable and long-term agreements are making the industry less cyclical.