INTC vs QCOM: AI Stock Comparison

• “If we are unable to secure a significant external foundry customer for Intel 14A, our next generation semiconductor manufacturing process technology, we may pause or discontinue our pursuit…” — 10-K risk factor (filed 2026-01-23) · source
• “We are making significant, long-term and inherently risky investments in R&D and manufacturing facilities that may not realize a favorable return.” — 10-K risk factor (filed 2026-01-23) · source

• “Our increasing focus on artificial intelligence (AI), including on-device AI, agentic AI and AI infrastructure, may not result in the anticipated benefits and could expose us to additional…” — 10-K risk factor (filed 2026-11-04) · source
• “The semiconductor industry is subject to intense competition in an environment of rapid technological change. Our success depends in part on our ability to adapt to such change and compete…” — 10-K risk factor (filed 2026-11-04) · source

Intel's AI exposure runs through Xeon CPUs in AI servers, Gaudi accelerators and its foundry ambitions. Winning external foundry customers is the key swing factor named in its own filings.

Qualcomm's revenue is mostly handsets, autos and IoT. Its AI angle is on-device inference in Snapdragon chips plus newer data-center inference products, which its 10-K flags as an uncertain bet.