It's been a rough year for chip-maker Qualcomm. But that hasn't stopped one trader from making what he called "the most hated tech stock out there" the third-biggest holding in his portfolio.
"Qualcomm's the ultimate show-me stock right now," David Rolfe of RiverPark Wedgewood Funds, said Wednesday on CNBC's "Squawk Alley." "Everything that could have gone wrong for Qualcomm in the past 12 to 18 months has, in fact, gone wrong. But we believe we've seen the worst of the revenue declines. We love the risk-reward of Qualcomm."
Against a backdrop of stock market volatility and concerns about Chinese economic growth, shares of technology companies have seen particularly wild swings over the past two weeks. China's economy has also weighed heavily on Qualcomm, which trimmed the outlook in its semiconductor business based on reduced sales and demand there, the company said in a July quarterly earnings report.
But Rolfe said he sees the stock, currently trading around $55, rising to $70 or $80 in the next 18 to 24 months.