JPMorgan analyst Samik Chatterjee said his team hosted a booth tour with Qualcomm Inc's (NASDAQ:QCOM) management at CES 2026, where the company highlighted a broad and increasingly competitive PC product portfolio.
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Qualcomm Highlights Strong PC Momentum at CES
Chatterjee maintained an Overweight rating on Qualcomm.
The analyst said Qualcomm showcased multiple PC launches with brand partners, including Lenovo, Asus and HP, all built on X2 Elite SIP chipsets.
Management said the current lineup delivers substantial performance leadership versus competitors and gives Qualcomm coverage of more than 95% of PC price points as the rollout progresses.
Performance And AI Capabilities Take Center Stage
Chatterjee said Qualcomm demonstrated performance benchmarking at the booth, comparing its Snapdragon X2 Elite and X Elite chips against key competing products, including offerings from the large incumbent PC supplier.
The analyst said Qualcomm showed that Snapdragon chips outperformed competitors in typical operating conditions, with the performance gap widening further in low-power and unplugged use cases.
He added that Qualcomm emphasized the role of its Neural Processing Unit (NPU) in offloading workloads across various applications, including audio and visual use cases.
By shifting tasks away from the Central Processing Unit (CPU), the NPU enabled faster application performance while supporting better overall user experiences.
Enterprise and Physical AI Expand Long-Term Opportunity
Chatterjee said Qualcomm also highlighted progress in enterprise applications, including the development of a fleet management solution that enables remote device management for enterprise customers.
Qualcomm plans to support the solution through an embedded modem, leveraging its connectivity leadership.
Management indicated that devices incorporating this solution are likely to launch in the second half of the year, creating incremental content opportunities for the company.
He said Qualcomm also discussed its data center strategy focused on inference, noting that the company views Nvidia’s acquisition of Groq as validation that inference and training markets have distinct requirements.
Qualcomm plans to address inference workloads through continued NPU development.
Finally, Chatterjee said Qualcomm pointed to a significant increase in customer engagement around physical AI opportunities.
In line with broader CES themes, management said activity has picked up across a wide range of physical AI use cases, spanning both lower-end and higher-end robotics applications.
QCOM Price Action: Qualcomm shares were up 1.43% at $182.77 at the time of publication on Thursday, according to Benzinga Pro data.
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