Old and boring wireless communications chip technologist Qualcomm (NASDAQ: QCOM) sported a stellar total return (share price plus dividends reinvested) of 32% in 2023. It was an impressive showing, especially considering that the smartphone market (still the bulk of Qualcomm's revenue) was in a deep slump last year.

But with the smartphone market bottoming out and 5G network expansion still ongoing, I'm optimistic Qualcomm stock can do well again in 2024. Here's why I added to my position to kick off the new year.

During the first wave of 5G network launches in the last few years, a slew of new 5G-enabled smartphone models came with it. In fact, some research estimates say that nearly 70% of smartphone shipments in 2023 are already 5G-ready. This big wave, and the resulting drop in consumer electronics purchasing after the pandemic, shows up in Qualcomm's epic revenue and earnings per share (EPS) boom and bust over the last three years.

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Source Fool.com