Core Viewpoint - The semiconductor industry is engaged in a continuous and evolving competition, particularly focused on the advancement of process nodes, with the 2nm node being the latest battleground that will reshape the industry's landscape [2][19]. Foundry Competition - The competition among foundries is characterized by the need to secure advanced process orders by being the first to achieve mass production, with the risk of falling back to price wars for those lagging behind [2][3]. - TSMC is recognized as the leader in advanced processes, having established a stronghold since the 7nm node and is now focusing on the 2nm node, which is expected to significantly enhance performance and reduce power consumption [3][4]. - Samsung aims to reclaim its position by introducing its 2nm process earlier than TSMC, despite facing challenges with yield issues in previous nodes [6][8]. - Intel is attempting to regain its competitive edge with its IDM 2.0 strategy, planning to launch its 2nm process by the end of 2025, leveraging new technologies like RibbonFET and PowerVia [8][9]. Emerging Players - Rapidus, a new entrant backed by the Japanese government, aims to focus on advanced processes rather than competing on scale, with plans to start 2nm trial production in 2025 [10][11]. Fabless Companies Dynamics - Fabless companies are cautious about adopting new technologies due to high costs, but many are shifting towards more aggressive strategies to maintain competitiveness in the rapidly evolving market [11][12]. - Apple is positioned as a key player, securing early access to TSMC's 2nm capacity for its upcoming products, which is crucial for its AI strategy [12][13]. - Qualcomm is aligning with TSMC for its 2nm process to maintain competitiveness in the Android ecosystem, while AMD plans to utilize TSMC's 2nm for its high-performance computing products [14][15]. - NVIDIA is strategically waiting for stable yields before committing to 2nm, focusing on maximizing performance and efficiency for AI applications [16][17]. - MediaTek is also planning to adopt 2nm technology for its flagship products, aiming to enhance its market position against competitors [17][18]. Industry Outlook - The 2nm node is seen as a critical juncture that will determine the future landscape of the semiconductor industry, with companies racing to achieve stable production to secure their market positions [19][20].

Market Performance - The three major U.S. stock indices reached historical highs, with the Dow Jones up 0.37%, Nasdaq up 0.72%, and S&P 500 up 0.49% [1] - Bank stocks showed mixed performance, with major banks like Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase experiencing slight gains, while others like Zions Bank and United Bank saw small declines [3] - Technology stocks also displayed a mixed trend, with Apple rising 3.2%, Tesla up 2.21%, and Microsoft up 1.86%, while Intel fell 3.24% [3] Chinese Concept Stocks - Chinese concept stocks experienced narrow fluctuations throughout the day, closing down 0.25%, with Pinduoduo dropping 2.62% and several others like Li Auto and iQIYI also declining over 1% [3] - However, Xpeng Motors rose 1.74%, and Alibaba, Bilibili, and Baidu saw slight increases [3] Gold Market - COMEX gold prices opened higher, closing up 1.12% at $3719.4 per ounce, with intraday fluctuations between a low of $3664.4 and a high of $3719.6 [3] - The gold market is currently facing contradictions, balancing fears of high prices against prevailing trends [3]

Group 1 - Qualcomm Incorporated (NASDAQ:QCOM) is a global leader in semiconductors, software, and services related to wireless communications, making it attractive to dividend-focused investors due to its balance of innovation and consistent income generation [1] - The company gained prominence by driving the smartphone revolution in the 2000s and 2010s, and the rollout of 5G networks has provided a renewed boost to its growth [2] - Qualcomm has expanded its portfolio beyond mobile phones to include components for network infrastructure, industrial equipment, smart home devices, virtual reality systems, and automotive technology, enhancing its long-term growth prospects [3] Group 2 - Qualcomm has a strong dividend growth streak of 21 years, making it one of the best stocks for a dividend portfolio, currently offering a quarterly dividend of $0.89 per share and a dividend yield of 2.14% as of September 18 [4]

Group 1: Qualcomm's Strategic Focus - Qualcomm is shifting its focus towards AI capabilities in the laptop and desktop market to diversify revenue streams beyond the slowing smartphone industry [1] - The company has launched the Snapdragon X chip designed for mid-range AI desktops and laptops, enhancing features like personal assistants and task automation while improving battery life [2][7] Group 2: Competitive Landscape in AI - NVIDIA is expanding its enterprise AI market, with increased adoption of its DGX Cloud AI infrastructure and CUDA software, positioning itself as a leader in AI applications [4] - Intel is investing in manufacturing capacity and its Xeon 6 processors to support large AI workloads, aiming to enhance performance and reduce costs in the AI sector [5] Group 3: Qualcomm's Financial Performance - Qualcomm shares have declined by 0.5% over the past year, contrasting with the industry's growth of 54.7% [6] - The company's shares trade at a forward P/E ratio of 14.17, significantly lower than the industry average of 37.30 [8] - Earnings estimates for 2025 have increased by 1.2% to $11.89 per share, while 2026 estimates have risen by 0.4% to $11.88 [10]

公众号记得加星标⭐️，第一时间看推送不会错过。 预计到 2034 年，全球微处理器芯片制造市场规模将从 2024 年的1146 亿美元增至约2615 亿美元， 在 2025 年至 2034 年的预测期内以8.6%的复合年增长率增长。2024年，亚太地区 占据主导地位， 占有超过61.4% 的份额，收入为703 亿美元。 微处理器芯片制造市场是指从事设计、制造和供应微处理器单元（MPU）的行业，微处理器单元是 计算设备的中央处理单元。微处理器是在电子系统中执行算术、逻辑、控制和输入/输出操作的集成 电路。 市场驱动力来自对高性能计算日益增长的需求、互联设备的日益普及以及云基础设施的扩展。人工智 能、机器学习和高级数据分析的发展需要强大的处理器，从而推动了微处理器设计的创新。随着电动 汽车和自动驾驶的兴起，汽车行业对专用芯片的需求也显著增加。 来源 ： 内容 编译自 market 。 消费电子产品的需求最为强劲，尤其是智能手机、笔记本电脑、平板电脑和游戏机，这些领域构成了 微处理器的最大市场。数据中心和云服务提供商也是主要的消费市场，需要强大的芯片来处理海量工 作负载。随着汽车集成先进的驾驶辅助系统、信息娱乐和互 ...

Core Insights - The article discusses the author's investment strategy and portfolio, emphasizing a diverse range of stocks and unique insights into the market [1] Group 1 - The author holds a long position in NVDA and AVGO, indicating confidence in these stocks' future performance [2] - The analysis aims to provide contrasting views to help other investors make informed decisions [1] - The author expresses personal opinions and does not receive compensation from companies mentioned, ensuring an unbiased perspective [2] Group 2 - The article serves as an informational resource rather than professional investment advice, urging readers to conduct their own research [3] - It highlights the importance of due diligence due to inherent risks in trading, including potential capital loss [3] - Past performance is noted as not guaranteeing future results, emphasizing the need for careful consideration before investing [4]

Group 1 - Qualcomm has had a lackluster year but is currently making a positive move, particularly after expanding its relationship with Google Cloud to enhance in-car experiences through agentic AI [1] - Qualcomm shares rose 0.7% to close at $165.26 [5] Group 2 - Vertiv Holdings announced the acquisition of Waylay NV, a leader in hyperautomation and generative AI software platforms, which may enhance its market position [2] - Vertiv shares gained 0.1% to close at $136.83 [5] Group 3 - Northern Trust Corporation is expected to break out to the upside following the announcement of Jessica Donohue joining as head of Product Management for Asset Servicing [3] - Northern Trust shares gained 0.2% to close at $129.46 [5] Group 4 - iShares China Large-Cap ETF is expected to benefit from anticipated stimulus in China, with shares gaining 1.4% [2][5]

Group 1 - Qualcomm has experienced a lackluster year but is currently showing signs of improvement and potential growth [1] - The overall trend for data centers remains positive, despite potential volatility from Federal Reserve comments [1] - There is an expectation of continued stimulus in China, which may impact market dynamics [2] Group 2 - Northern Trust has shown stagnant performance over the past three months, indicating a lack of significant movement in its stock [2]

Core Insights - The semiconductor industry is experiencing significant growth driven by AI advancements, with a focus on companies that design chips while outsourcing manufacturing [1][2][3] - The new ETF SMHX has emerged as a differentiated investment opportunity in the semiconductor space, surpassing $100 million in assets under management [1][4] - Key players in the fabless semiconductor sector include Nvidia, Broadcom, AMD, and Qualcomm, which are addressing bottlenecks in interconnectivity and power efficiency [4][5][11] Semiconductor Industry Trends - The demand for efficient data movement and power consumption is critical as AI systems become more complex, indicating a strong growth potential in interconnectivity solutions [5][6] - The industry is in the early stages of an AI super cycle, with ongoing investments in foundational models and data centers expected to drive further growth [8][9] - The application layer of AI is expanding, necessitating more efficient silicon designs to bring AI capabilities closer to end users [10][11] Investment Opportunities - The fabless semiconductor companies are positioned to leverage low capital expenditures and reinvest excess cash flow into research and development, enhancing their growth prospects [2][3][14] - The ability of companies like Nvidia to pivot from gaming to AI-focused solutions highlights the importance of adaptability in the semiconductor sector [13][14] - Long-term investment strategies should consider the potential of fabless designers as they navigate risks associated with tariffs and market fluctuations [12][14]

Qualcomm Inc. (NASDAQ: QCOM ) is a fabless semiconductor designing and licensing company. The point to note is that they do not perform the manufacturing process. The primary operating subsidiary, Qualcomm Technologies Inc., designs power efficient, high performance chips. QualcommEquity investor with focus on long term and medium term value. Focuses on companies with good fundamentals with a long haul for investing and sector agnostic. Have passed CFA Level 1. Looking forward to building a base as an indep ...