Bernstein Maintains Qualcomm at Market-Perform on Tenstorrent Deal Report

Bernstein Research maintained its Market-Perform rating on Qualcomm (NASDAQ: QCOM) following media reports that the chipmaker may acquire AI chip startup Tenstorrent.

Rating Change

Bernstein did not change its current rating on Qualcomm, keeping it at Market-Perform with no price target adjustment. The firm also made no changes to its financial model for the company.

Analyst Rationale

Analyst Stacy Rasgon wrote in a note: 'We make no changes to our model at this time, and await any further newsflow that might be forthcoming into the company's analyst day in a couple of weeks. We rate Qualcomm Market-Perform.'

Context

The reports, which remain unconfirmed by either company, suggest Qualcomm may be interested in acquiring Tenstorrent, a startup founded by chip architect Jim Keller that designs AI accelerators. Qualcomm's upcoming analyst day, scheduled in two weeks, could provide more clarity on its strategic direction.

What to Make of It

Bernstein appears to be taking a cautious stance, preferring to wait for more details on the potential deal or Qualcomm's broader strategy before adjusting its rating. Investors may watch the analyst day closely for signals on Qualcomm's AI ambitions.