Qualcomm Incorporated (NASDAQ:QCOM) is entering a new phase of growth as two major catalysts—the expansion of its Samsung partnership and its push into AI infrastructure— begin reshaping the company’s long-term outlook. AI Infrastructure Becomes Qualcomm’s Next Growth EngineWhile smartphones remain Qualcomm’s largest business, management is increasingly focused on reducing its dependence on the cyclical handset market by expanding into AI infrastructure. Qualcomm is attempting to establish itself as another major supplier, having announced AI infrastructure collaborations with Microsoft and Meta Platforms. Qualcomm trades at a substantial valuation discount to Broadcom despite pursuing many of the same AI infrastructure opportunities. Investment takeawayQualcomm Inc. (NASDAQ:QCOM) now offers a combination of a mature, cash-generating smartphone franchise and a high-growth AI infrastructure opportunity.