Diversification StrategyThe company continues to diversify its semiconductor revenue streams, and AI PCs, data center silicon, Automotive and IoT could contribute 40% of QCT revenues by 2030 versus 27% currently.
Growth PotentialIoT and Automotive have significant growth potential and were up 27% and 59% YoY in the most recent quarter.
Valuation And GrowthThe Buy rating is supported by low valuation, trading at 12x P/E vs. historical average of 15-18x, and also by long term growth initiatives.