Artificial intelligence (AI) is having a positive impact on multiple industries across the globe, and the smartphone market is one of them. The advent of generative AI has started giving smartphone sales a nice lift following a difficult couple of years when shipments fell.

The smartphone market contracted 11% in 2022, which was followed by a 3.2% decline last year. This explains why shares of (NASDAQ: QRVO), a noted supplier of smartphone chips to Apple, remained nearly flat for the past couple of years. However, Qorvo's latest results suggest that its fortunes on the stock market could start changing for the better later this year.

Let's take a closer look at Qorvo's recent quarterly results and find out why buying this semiconductor stock right now could turn out to be a smart move.

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Source Fool.com