10:13 AM EST, 11/12/2024 (MT Newswires) -- Qualcomm ( QCOM ) Chief Executive Cristiano Amon said that increasing demand for smartphones powered by artificial intelligence won't cause a chip shortage worldwide similar to what occurred during the pandemic, Bloomberg reported Tuesday.

There has been "a lot" of investment since the pandemic to raise chip production capacity, Amon said at the Web Summit conference in Lisbon, according to the report.

"Today, demand and supplies are a hundred percent balanced within semiconductors," Amon reportedly said.

Qualcomm ( QCOM ) didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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