It can’t be a coincidence that, when asked at The Australian Financial Review AI Summit on Tuesday what artificial intelligence-related stocks the fund management firm Loftus Peak was investing in, its investment chief Alex Pollak immediately mentioned US chipmaker Qualcomm.

On stage at the Summit on Tuesday, Pollak had just finished talking about what he sees as the “next thing” in AI – AI PCs and AI phones – and that the chip systems made by Qualcomm, together with similar systems made by Apple, Google and Samsung, are now beginning to power that next thing.