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Qualcomm is making bankINTL

Qualcomm is making bank

AMD (AMD) might be the leader when it comes to PC-chips, but mobile-chips maker Qualcomm (QCOM) is flexing its muscles as well in the silicon space.

The US-based semiconductors manufacturer is all about that diversification lifestyle with its newest CEO announcing plans to grow its automotive chips business from $1b to $10b by 2031. In addition, the company targets to increase its sales relating to cloud-based IoT (Internet of Things) devices to increase by over 75% through 2024. Qualcomm’s already taking its commitment seriously as the company revealed a partnership with BMW to develop chips for its next generation of self-driving cars to be released in 2025.

why it matters

Qualcomm’s the largest manufacturer of mobile-phone chips, particularly in the Android phone market, but new revenue streams like this give the company a refreshed look and a back-up source of cash. The company’s shares increased by 7.9% yesterday, valuing the firm at $200b.