Bank of America has identified five global stocks it says are set to benefit as the use cases of artificial intelligence applications grow significantly. In an Oct. 3 note titled "End-device AI: Great potential with hidden gems awaits," the bank said customized and private AI services could soon be brought directly to users' end devices, revolutionizing smartphones, tablets, cars and more.
" The report named semiconductor leaders like Qualcomm , MediaTek , Nordic Semiconductor, SK Hynix and Renesas as key potential beneficiaries. Qualcomm Price target: $145 Bank of America said automakers are expected to use advanced end-device AI capabilities from Qualcomm's Ride platform for in-car services. It also notes the chip giant's collaboration with Meta to bring AI to smartphones and PCs using Meta's Llama 2 large language models directly on devices.
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