Market DiversificationQualcomm has been aggressively pursuing areas of diversification, with Autos now at $1 billion of quarterly contribution and IoT at almost $1.7 billion.
Strategic PartnershipsQualcomm's recent agreement with Xiaomi establishes it as a long-term supplier to premium-tier phones, strengthening its market position.
ValuationQualcomm is currently valued as the cheapest among its peers, with a significant perceived undervaluation relative to its fundamental position, supporting the Buy rating and $200 price target.