The semiconductor industry has been off to a scorching hot start so far in 2023. In particular, Nvidia and Advanced Micro Devices have helped fuel the chip industry thanks in large part to developments in artificial intelligence (AI).

However, there is another semiconductor company I believe is getting overlooked in the midst of Nvidia's pursuit of the $1 trillion market cap club. (NASDAQ: QCOM) recently reported earnings for its fiscal third quarter, which ended June 25. While the results may initially appear a bit muted, there is more to the story.

Let's dig into Qualcomm's business and break down what is going on.   

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Source Fool.com