It is actually Qualcomm’s partner, Swiss semiconductor company ST Micro, which has released the first fruit of their IoT partnership announced just two months ago. Yet it was Qualcomm’s shares that rose on the news by 1.7%, stoked by hopes that the company’s diversification into IoT will continue to generate new revenues beyond the traditional smartphone base. This is already happening on the automotive front, helping raise Qualcomm’s revenues by 9.77% year on year for the company’s fiscal 2024 ending September 30th, and by 18.7% year on year for the last quarter. This was after an 18.96% decline in annual revenue in 2023 over the previous year. The company is pursuing integration of on-device generative AI into all its semiconductor…