Technology stocks have been in fine form in 2023 thanks to the emergence of artificial intelligence (AI) as a major catalyst for this sector. This is evident from the 42% surge in the Nasdaq-100 Technology Sector index.

However, not all tech stocks have benefited from this rally. (NASDAQ: QCOM), with year-to-date gains of just 7%, has massively underperformed the broader technology sector in 2023. What's more, shares of the semiconductor giant are down nearly 11% in the past year. And it isn't difficult to see why.

Qualcomm's woeful share price performance isn't surprising. It controls close to 30% of the smartphone chipset market, and a slowdown in smartphone sales has led to a sharp decline in the company's revenue and earnings.

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Source Fool.com