Shares of (NASDAQ: QCOM) and Intel (NASDAQ: INTC) have been heading in opposite directions this year, which may seem a bit surprising at first given that both chipmakers have been facing headwinds in their core markets and have been relying on the proliferation of artificial intelligence (AI) to turn their fortunes around.

While Intel's business has been hurt in recent years thanks to a decline in sales of personal computers (PCs), Qualcomm has been struggling on account of tepid smartphone sales. Both of these end markets are expected to benefit big time from AI adoption. However, Qualcomm's 19% gains and Intel's 23% slide on the stock market in 2024 indicate that the former is probably faring better as far as capitalizing on the AI catalyst is concerned.

Let's see if that's indeed the case, and if Qualcomm is the better AI pick of the two.

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Source Fool.com