In its Q2 investor letter, the fund noted that Qualcomm was the largest contributor during the quarter, with its stock price rebounding. Management indicated that inventory adjustments and production constraints were progressing well, and anticipated that mobile revenue from Chinese customers would bottom out. Qualcomm is continuously advancing its transformation from a mobile-centric provider to a broader provider of connected computing technologies, with new businesses such as IoT, AI PCs, industrial applications, and data center computing accounting for an increasing share. Qualcomm's stock closed at $163.72 on August 27, with a monthly gain of 11.63%.