Qualcomm trades at 16.4x forward earnings, with minimal AI datacenter potential priced in despite a transformative supply chain strategy. HBC architecture targets the AI accelerator market by bypassing HBM/CoWoS bottlenecks, improving yields, energy efficiency, and offering hyperscalers leverage against memory suppliers. QCOM's competitive edge lies in aligning incentives with hyperscalers, enabling flexible AI workloads and mitigating persistent memory shortages projected through 2030.
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