As long as the race in mobile devices continues among Apple ( AAPL), Samsung, Amazon ( AMZN) and others, Qualcomm should do well.

Regardless of which platform comes out on top, Qualcomm, by virtue of its market position and designs, wins.

That's not to suggest that rival chip makers Nvidia ( NVDA) and Broadcom ( BRCM) are going to cede the market. And Intel has also been making some progress in mobile.

Here's Making Sense

Still, there are plenty of reasons to love Qualcomm's business, and the stock seems to be cheap at current levels. It trades at 13.39 times projected fiscal 2014 earnings, a point lower than the industry average over the past five years. So I would add shares on any signs of further weakness - at least until growth slows down.

Given the company's market position and excellent management team, now is not the time to panic.

At the time of publication, the author was long Apple.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.
Richard Saintvilus is a private investor with an information technology and engineering background and the founder and producer of the investor Web site Saint's Sense. He has been investing and trading for over 15 years. He employs conservative strategies in assessing equities and appraising value while minimizing downside risk. His decisions are based in part on management, growth prospects, return on equity and price-to-earnings as well as macroeconomic factors. He is an investor who seeks opportunities whether on the long or short side and believes in changing positions as information changes.

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