Qualcomm Unveils Snapdragon 8 Elite, Marking a Leap in Mobile Technology

At its annual Summit in Hawaii, semiconductor giant Qualcomm (QCOM) introduced the Snapdragon 8 Elite chip. This innovative technology aims to deliver advanced computer-like features to smartphones, boosting Qualcomm’s role in the fast-growing generative AI sector.

Snapdragon 8 Elite Promises Major Performance Gains

The new chip incorporates Qualcomm’s Oryon processor, initially designed for laptops, utilizing TSMC’s (TSM) cutting-edge 3nm fabrication process. Notably, the Snapdragon 8 Elite enhances performance by 45% in both single-core and multi-core tasks compared to the previous Snapdragon 8 Gen 3, while consuming 27% less power.

To maximize the potential of this technology, Qualcomm is providing software developers with tools that surpass the usual offerings of Alphabet’s (GOOGL) Android operating system. These resources will aid developers in utilizing the advanced capabilities of the Snapdragon 8 Elite chip.

By enhancing performance and offering superior developer support, Qualcomm is positioning itself strongly in the mobile chip market. The release of the Snapdragon X Elite also enables Qualcomm to compete more effectively with Advanced Micro Devices (AMD) and Intel (INTC).

Is QCOM Stock Worth Investing In?

On Wall Street, Qualcomm holds a Moderate Buy consensus rating, drawing from 12 Buy recommendations, eight Holds, and one Sell in the past three months. Currently priced at $214.13, the average target price for Qualcomm suggests a potential increase of 26.7%. Additionally, shares have appreciated approximately 19% year-to-date.

See more QCOM analyst ratings

Disclosure

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.