Qualcomm (Qualcomm (QCOM)) CEO Cristiano Amon is betting big on a future where we interact with AI through tiny gadgets rather than smartphone apps. In an interview on CNBC's "The Tech Download" podcast Monday, Amon revealed that Qualcomm is developing more than 40 new AI-powered devices, from smart jewelry to camera-equipped earbuds, pins, and watches that act as personal AI agents.

These devices, Amon explained, would understand user intent and perform tasks without requiring users to open an app. "Right now, we have over 40 designs of those devices, and I'm telling you, the types of form factors are very, very broad," he said.

This shift could rattle the smartphone establishment. Amon suggested that the rise of AI devices could bring new players into the consumer market, posing challenges for major smartphone manufacturers like Apple (AAPL) and Samsung (Samsung (SSNLF)). But don't write off apps just yet. "Apps are not dead," Amon said, "but apps are going to change." He sees AI agents becoming the primary interface, with apps evolving into a background role.

To power these smaller gadgets, Qualcomm is overhauling its entire chip roadmap. "We need more powerful and energy-efficient chips for these smaller form factors," Amon said, emphasizing that the company's roadmap is undergoing an upgrade to prepare for this future.

Meanwhile, Qualcomm is reportedly exploring a blockbuster acquisition to bolster its AI ambitions. According to The Information, Qualcomm is in talks to acquire AI chip startup Tenstorrent for $8 billion to $10 billion. The negotiations are still ongoing, and the deal's valuation could change or collapse altogether. It remains unclear whether the final price would include performance-based milestone payments, a common feature in past chip startup acquisitions. Qualcomm and Tenstorrent did not immediately respond to requests for comment.

This isn't Qualcomm's only recent AI move. In May, the company reportedly reached a deal to supply TikTok parent ByteDance with application-specific integrated circuits (ASICs) for AI data centers. And in April, Qualcomm inked a multi-year deal with Snap Inc. (SNAP) to power future generations of its "Specs" smart glasses with Snapdragon system-on-a-chip solutions.

Investors seem to like what they're hearing. Qualcomm's stock gained 4.07% in Tuesday's pre-market trading session. On a year-to-date basis, it's up 27.65%.