Qualcomm Technologies, Inc. has partnered with Aramco to introduce generative AI-powered IoT solutions aimed at enhancing digital transformation in Saudi Arabia. These solutions focus on improving efficiency, safety, and sustainability in industrial operations.
The suite includes a Rapid Response Solution that uses on-device AI and computer vision to enhance situational awareness and minimize disruptions. This system employs autonomous AI drones with generative AI flight control for swift incident responses.
The Factory Monitoring Solution provides real-time insights and predictive analytics through advanced video surveillance, enhancing operational efficiency and safety. The Equipment Maintenance Solution leverages multimodal inputs and hybrid AI to streamline maintenance, predict and prevent equipment failures, optimize performance, reduce costs, and minimize downtime.
Additionally, Qualcomm and Aramco have introduced processors with native support for 5G in the 450 MHz spectrum. The Qualcomm QCS8550 and QCS6490 processors are designed to enhance 5G connectivity, providing resilient coverage for industrial handhelds, ruggedized smartphones, and other critical IoT devices using Qualcomm’s 5G modem-to-RF solutions.
This collaboration aims to boost connectivity and efficiency in industrial sectors through AI and advanced 5G technologies, marking a significant step in Saudi Arabia’s digital transformation journey.
Will This Collaboration Boost QCOM’s Share Performance?
The partnership with Aramco strengthens Qualcomm’s presence in the Middle East, aligning with Saudi Arabia’s vision to enhance its research and innovation ecosystem. Success in this venture could open up additional markets in the region for Qualcomm.
QCOM’s Stock Price Performance
Over the past year, Qualcomm’s shares have risen 47.8%, compared to the industry’s 40.5% growth.
Zacks Rank & Stocks to Consider
Qualcomm currently holds a Zacks Rank #3 (Hold). However, other stocks to consider include:
- Arista Networks, Inc. (ANET) with a Zacks Rank #1 (Strong Buy), which provides cloud networking solutions for data centers and cloud computing environments.
- Ubiquiti Inc. (UI) also holds a Zacks Rank #1, offering a comprehensive portfolio of networking products and solutions for service providers and enterprises.
- Workday Inc. (WDAY) with a Zacks Rank #2 (Buy), known for its enterprise-level software solutions for financial management and human resources.