W 华尔街见闻 | 时间 | | 内容 | 预期 前值 | | | --- | --- | --- | --- | --- | | 2月2日 周一 | | | | | | 数据 | 09:45 | 中国 1月RatingDog制造业PMI | 50.1 | | | 17:00 | | 欧元区 1月制造业PMI终值 | | 49.4 | | 23:00 | | 美国 1月ISM制造业指数 | 48.3 | 47.9 | | 待定 | | 芝商所CME再上调金银交易保证金:黄金保证金率从6% 升至8%,白银从11%升至15% | | | | 待定 | | 中国2月2日起对威士忌酒实施5%的进口暂定税率 | | | | 事件 | 待定 | 伊朗地缘事件持续发酵（全周事件） | | | | 待定 | | 2月是"Al大战"之月,国内外科技巨头动作频频(全周事 件) | | | | 待定 | | 今年APEC第一次高官会于2月1日至10日广州举行 | | | | 待定 | | 春运2月2日开始、3月13日结束 | | | | 财报 | | 迪士尼 | | | | 2月3日 周二 | | | | | | 数据 | 11: ...

Core Viewpoint - Qualcomm is set to report its first-quarter fiscal 2026 earnings on February 4, with revenue and earnings estimates at $12.23 billion and $3.37 per share, respectively. However, earnings estimates for fiscal 2026 have declined by 1.2% to $12.00 per share over the past 60 days, and estimates for fiscal 2027 have also decreased from $12.60 to $12.33 per share [1][6]. Earnings Estimates - The current earnings estimates for Q1 fiscal 2026 stand at $3.37 per share, with revenue estimates at $12.23 billion. Over the past 60 days, earnings estimates have seen a decline of 1.23% for fiscal 2026 and 2.14% for fiscal 2027 [2][6]. - The earnings surprise history shows an average surprise of 6% over the last four quarters, with the last reported quarter achieving a surprise of 4.2% [2][3]. Product Launches - Qualcomm launched AI200 and AI250 chip-based AI accelerator cards and racks during the fiscal first quarter, which are expected to boost revenues due to their advanced features for data centers [7]. - The company also introduced the Qualcomm Dragonwing IQ-X Series, an industrial-grade processor aimed at enhancing smart manufacturing, which is likely to contribute to higher revenues [8]. Regulatory Challenges - Qualcomm is facing antitrust probes in China, which could impact its operations and revenue, as the country represents a significant portion of its market. The investigation stems from Qualcomm's failure to notify Chinese regulators about its acquisition of Autotalks [9][10]. - The ongoing trade tensions between the U.S. and China pose additional risks to Qualcomm's performance, particularly given its substantial revenue dependence on the Chinese market [10][15]. Market Performance - Over the past year, Qualcomm's stock has declined by 12%, underperforming the industry growth of 41.5%, with competitors like Broadcom and Hewlett Packard showing significant gains [11]. - From a valuation perspective, Qualcomm's shares are trading at a forward P/E ratio of 12.57, which is lower than the industry average of 33.44 and its historical mean of 16.84, indicating a relatively cheaper valuation [13]. Strategic Focus - Qualcomm aims to maintain its leadership in 5G and mobile connectivity through innovative product launches, including AI chips and industrial processors [14]. - Despite its efforts in AI, Qualcomm faces challenges in sustaining operations in China due to escalating tariffs and regulatory scrutiny, which may affect its long-term viability in the region [15][16].

因此，高度依赖4G和入门级5G SoC的供应商将在2026年面临巨大压力。相比之下，拥有自研SoC能力的品牌，如三星、谷歌、华为和小米等，在应对市场 挑战时将处于更有利的位置。 该机构高级分析师Shivani Parashar表示："尽管2026年SoC整体出货量预计会下降，但市场仍在向价值链上游移动。'高端化'趋势明确，预计2026年每三部智 能手机中就有一部售价超过500美元。这突显了消费者对高性能和功能丰富设备的持续需求。" 市场调研机构Counterpoint Research在1月28日发布的报告显示，在2025年的全球智能手机SoC市场，联发科以34.4%的出货量份额位居第一，高通(25.1%)、 苹果(18.1%)、紫光展锐(12.1%)和三星(5.7%)分列第二至第五名。此外，该机构还认为，全球智能手机SoC市场在连续几年保持增长后，预计将在2026年放 缓，出货量将同比下降7%。 预测显示，2026年全球智能手机SoC市场格局基本保持稳定：联发科、高通、苹果等领先厂商的市场份额未有明显变化，但出货量将出现显著下滑。其中， 联发科2026年出货量将较2025年下滑8%，高通下滑9%，苹果降幅相 ...

The San Diego, California-based Qualcomm Incorporated (QCOM) has entered 2026 as a diversified artificial intelligence (AI) semiconductor player and not just a handset company. It develops and commercializes wireless technologies such as 3G/4G/5G connectivity, high-performance low-power computing, and on-device AI. Commanding a market cap of approximately $163.5 billion, it supplies semiconductors and software for mobile devices, automotive systems, Internet of Things (IoT), consumer electronics, industr ...

Qualcomm Incorporated (NASDAQ:QCOM) is among Goldman Sachs’ top semiconductor stock picks. On January 21, 2026, Qualcomm Incorporated (NASDAQ:QCOM) said it plans to release its first-quarter fiscal 2026 financial results on February 4, 2026. Qualcomm (QCOM) Faces Industry Headwinds as It Expands Beyond Smartphones Earlier on January 16, Qualcomm Incorporated announced a quarterly cash dividend of $0.89 per share, to be paid on March 26 this year. All shareholders on record at the close of business March ...

细分到厂商方面，IT之家援引博文内容，CounterPoint 预估 2026 年全球手机芯片出货量情况如下： 造成出货量下滑的核心阻力来自不断攀升的内存价格。由于代工厂和内存供应商将产能优先向高利润的 HBM（高带宽内存）倾斜以支持数据中心的扩张， 导致普通内存供应吃紧。 对于价格敏感度极高的 150 美元以下低端智能手机市场，这种成本压力冲击最为直接。相比之下，拥有自研芯片能力的品牌展现出了更强的抗风险能力。 尽管低端市场遇冷，高端市场却持续火热。分析师指出，2026 年售出的智能手机中，近三分之一将是售价超过 500 美元的高端机型。 IT之家 1 月 29 日消息，Counterpoint Research 昨日（1 月 28 日）报告称，受内存价格上涨及供应受限影响，2026 年全球智能手机 SoC（系统级芯片）出货 量预计将同比下降 7%，其中 150 美元以下的低端机型受冲击最重。 尽管 2026 年全球手机芯片总出货量预计同比下降 7%，但市场总收入却将实现两位数的强劲增长。这一反差主要源于市场结构的极度分化：虽然整体销量 受挫，但单设备半导体含量的增加以及平均售价（ASP）的提升，强力拉动了 ...

Core Viewpoint - Qualcomm (QCOM) is positioned as an attractive investment opportunity due to its high cash yield, strong fundamentals, and discounted valuation [1] Current Developments - QCOM shares are trading at a notably discounted P/S (Price-to-Sales) ratio compared to its 3-month and 2-year peaks, as well as lower than its 3-year average [3] - The automotive division of Qualcomm is experiencing robust growth, with a design pipeline valued at $45 billion and over 75 million vehicles equipped with Snapdragon Digital Chassis [5] - Qualcomm is expanding into AI PCs, with 150 Snapdragon designs planned for 2026, focusing on on-device AI, contributing to a 10% year-on-year revenue increase in Q4 FY2025 [5] Strong Fundamentals - Qualcomm boasts a free cash flow yield of 7.8%, an operating margin of 28.0% over the past 12 months, and a revenue growth of 13.7% over the last year [11] - The current valuation shows QCOM trading at 30% below its 2-year high and 16% below its 1-month high, with a lower P/S ratio than its 3-year average [11]

The market expects Qualcomm (QCOM) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended December 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 4, might help the stock move higher if these key numbers are better ...

1月28日，美股存储板块盘前大涨，希捷科技盘前涨超8%，西部数据涨超6%，闪迪涨超4%，美光科技涨近3%。 | | 371.760 +13.470 +3.76% | | | 希捷科技(SEAGATE) 立即 | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | STX 交易 | | NASDAQ USD 20:00:00 | | | | | | 10 + | | 盘前价 | 402.950 涨幅额 | 8.39% | 交生 | 34.99% 120日 | | 146.42% | | 涨跌量 | 31.190 盘前量 | 12.66万 | 5日 | 14.04% 250日 | | 277.95% | | 三一 | 403.000 | 100 | 20日 | 29.89% 52周高 | | 370.47 | | 北一 | 401.340 | 1 | 60日 | 40.33% 52周低 | | 62.50 | | 总量 | 735.36万 换手 | 3.44% | | 2024 | 2025 | 2026H1 | | 现手 | 1124 量比 ...

随着无需向云端发送敏感数据、以隐私为先的企业级人工智能需求日益增长， SpotDraft 已从高通风险投资公司获得 800 万美元战略 B 轮扩展融资，以扩 展其面向受监管法律工作流程的端侧合同审评技术。 这家初创公司告诉 TechCrunch ，本轮追加投资使 SpotDraft 的估值达到约 3.8 亿美元，几乎是其去年 2 月完成 5400 万美元 B 轮融资后 1.9 亿美元投后估 值的一倍。 在受监管的行业中，各企业迅速开始试验生成式人工智能，但隐私、安全和数据治理方面的担忧仍在减缓敏感工作流程的采用速度 ——尤其是在法律领 域，因为合同可能包含特权信息、知识产权、定价和交易条款。行业研究持续指出 ，数据安全和隐私是专业服务领域更广泛部署生成式人工智能的关键障 碍，这促使像 SpotDraft 这样的供应商寻求将核心合同智能保留在用户设备而非通过云端处理的架构。 在高通的 2025 年 Snapdragon 峰会上， SpotDraft 展示了其 VerifAI 工作流全程在 Snapdragon X Elite 驱动的笔记本电脑上运行，无需网络连接即可执行合 同审评和编辑，同时将文档保留在本地设备 ...