Then again, this further highlights the dominance of Qualcomm as the company continues to confound skeptics. As noted, one of Qualcomm's advantages is that it is one of Apple's major suppliers. But, ahead of the report, there were concerns about Apple's supply chain issues.
Plus, that Apple didn't woo the Street with its Q1 earnings results, there were many who rushed to proclaim the end of Qualcomm's stellar growth. That was not the case. The company was still able find growth while the rest of the sector suffered demand hardships.
Qualcomm continues to affirm why it has not only one of the best businesses in the entire market, but also one of the best management teams. And chip rivals such as Broadcom (BRCM) and Nvidia (nvda)will find it increasingly challenging to make a dent in Qualcomm's business.
To that end, Qualcomm continues to reinvest heavily in R&D to ensure that its chip technology remains the top choice as Apple, Samsung and the rest of the phone rivals battle it out. There are plenty of reasons to love this business and the stock. Not the least of which is that management raised revenue guidance -- suggesting that 2013 might be an even bigger year.The stock seems cheap at current levels. I would be adding shares until the company shows meaningful signs of slowing growth. The stock has enough momentum to reach $75 to $80 by the second half of the year -- because regardless of who comes out on top in device dominance, Qualcomm wins either way. At the time of publication the author held long positions in AAPL. Follow @rsaintvilus This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.