Qualcomm (NASDAQ:QCOM) stock is a hot topic on Wednesday following news that the company’s chips will help Meta Platforms (NASDAQ:META) with its artificial intelligence (AI) plans.
According to recent news, Qualcomm’s chips will support Meta’s Llama 2 large language model (LLM). That means users will be able to make use of that LLM via smartphones and mobile devices starting in 2024.
That is big news for QCOM and META stock for a couple of reasons. First off, it gives more users access to LLM, which will help it better compete against OpenAI’s ChatGPT chatbot. The second is that it shows the ability to run the LLM off of single processors instead of large data centers.
What This Means for QCOM Stock
With Qualcomm securing the use of Meta Platform’s LLM, it better positions the company to compete in the AI market. That could give it the extra power it needs to take on rivals in the space, such as Nvidia (NASDAQ:NVDA), Investopedia notes.
QCOM stock is getting a 1.8% boost today from the META AI news. With that comes some 1.6 million shares of the company’s stock changing hands. That’s still a ways off from its daily average trading volume of about 8.4 million shares.
There’s plenty more stock market news that traders are going to want to read about below!
InvestorPlace offers up all of the biggest stock market stories that you need to know about on Wednesday! That includes why shares of VMware (NYSE:VMW) stock are up today, the latest news concerning Constellation Brands (NYSE:STZ), as well as new analyst coverage of Joby Aviation (NYSE:JOBY) stock today. You can read up on all of this news at the following links!
More Stock Market News for Wednesday
- Why Is VMware (VMW) Stock Up 6% Today?
- Can Billionaire Paul Singer Save Constellation Brands (STZ) Stock?
- JPMorgan Just Issued a Warning on Joby Aviation (JOBY) Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
