Despite shares of Qualcomm (QCOM) - Get Report sinking more than 12% year-to-date, the semiconductor company maintains a dominant position in baseband chips for wireless devices, Wells Fargo analyst David Wong wrote today.

Although, he acknowledged that the result of Apple (AAPL) - Get Report suing Qualcomm in January lead to Intel (INTC) - Get Report "stealing" some of its business with the iPhone maker.

Qualcomm does, however, remain superior in the manufacturing of baseband processing chips, devices that manage radio functions.

Qualcomm's baseband unit share was 49.7% in the December quarter, Wong noted citing data from Strategy Analytics.

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(Qualcomm is held in David Peltier's Dividend Stock Advisor portfolio. See all of his holdings with afree trial.)