With the market seemingly hitting a fresh high almost daily, it's becoming increasingly challenging for investors to find real bargains out there. However, one of tech's most overlooked values was recently singled out on an annual list of top investments by a community of ultra-wealthy investors, and for good reason.

I'm talking about semiconductor powerhouse Qualcomm (NASDAQ:QCOM).

A rare breed these days
Qualcomm is by no means a tiny company, but it's been largely overlooked by the market's recent rally this year. However, its tepid performance this year strongly understates the kind of growth opportunities it enjoys. 

Qualcomm has a unique one-two punch of a business model that sits center stage in the mobile revolution. In the business of actually making and selling semiconductors, Qualcomm's mobile processors are among the industry leaders, which has allowed the company to turn its place in a highly competitive industry into a profit driver. It also has a high-margin patent licensing business that is a play on mobile growth in general. And if this weren't enough to pique investors' interest, Qualcomm has an outstanding track record of returning capital to shareholders.

As tech and telecom analyst Andrew Tonner discusses in the video below, there's plenty to like when looking at Qualcomm today.