Financial Performance - Revenues for Q2 fiscal 2025 were $11.0 billion, a 17% increase year-over-year, with net income of $2.8 billion, up 21% from the previous year[69] - The first six months of fiscal 2025 saw total revenues of $22.6 billion, an increase of $3.3 billion compared to the same period last year[74] - Total revenues for Q2 2025 reached $9.469 billion, up 18% from $8.026 billion in Q2 2024, driven by higher revenues across handsets, automotive, and IoT segments[88] Segment Performance - QCT segment revenues increased by 18% in Q2 fiscal 2025, driven by higher sales in handsets, automotive, and IoT[72] - QTL segment revenues remained approximately flat in Q2 fiscal 2025 compared to the same quarter last year[72] - Handset revenues increased by $749 million in Q2 2025, totaling $6.929 billion, compared to $6.180 billion in Q2 2024, marking a 12% growth[88] - Automotive revenues rose by $356 million to $959 million in Q2 2025, up from $603 million in Q2 2024, representing a 59% increase[88] - IoT revenues grew by $338 million to $1.581 billion in Q2 2025, compared to $1.243 billion in Q2 2024, an increase of 27%[88] - QCT segment revenues for the first six months of fiscal 2025 were $19.2 billion, up from $16.2 billion in the same period of 2024, reflecting a 18% increase[91] - QTL licensing revenues for Q2 2025 were approximately flat at $1.319 billion, with EBT at $929 million, a slight decrease from $933 million in Q2 2024[95] Expenses and Margins - Gross margin for Q2 fiscal 2025 was 55%, down from 56% in the same quarter last year, primarily due to a decrease in QCT gross margin[76] - Research and development expenses for Q2 fiscal 2025 were $2.2 billion, representing 20% of revenues, down from 24% in Q2 fiscal 2024[79] - Selling, general and administrative expenses were approximately flat at $706 million in Q2 fiscal 2025, accounting for 6% of revenues[81] Cash Flow and Financing - For the first six months of fiscal 2025, net cash provided by operating activities was $7.141 billion, an increase of $638 million compared to the previous year[110] - Net cash used by financing activities increased to $5.789 billion, up $2.168 billion from the prior year, primarily due to share repurchases and cash dividends[110] - The company repurchased 22 million shares for $3.5 billion and paid $1.9 billion in cash dividends during the first half of fiscal 2025[110] - Income taxes paid exceeded the provision by $530 million, negatively impacting net cash provided by operating activities[111] - A decrease in payroll and other benefit-related liabilities negatively impacted operating cash flows, partially offset by a decrease in other assets[112] Tax and Interest - The expected income tax provision at the federal statutory rate for Q2 2025 was $652 million, compared to $525 million in Q2 2024, reflecting an increase of 24%[86] - The company estimates an annual effective income tax rate of 11% for fiscal 2025, lower than the U.S. federal statutory rate[86] - Interest expense for Q2 fiscal 2025 was $163 million, a decrease of $9 million from the previous year[83] Market and Competition - The company experienced a $143 million increase in licensing revenues due to a recent settlement of a licensing dispute[78] - The company expects transitions to new generations of leading process technology nodes to continue driving product cost increases from key semiconductor wafer suppliers[109] - Intense competition is anticipated, particularly from vertical integration by customers like Apple, which has begun using its own modem, negatively impacting QCT revenues[109] Dividends and Cash Position - The quarterly dividend per share was increased from $0.85 to $0.89, effective for dividends payable after March 27, 2025[114] - Cash and cash equivalents as of March 30, 2025, were $7.203 billion, down from $7.849 billion as of September 29, 2024, a decrease of 8%[108] - Marketable securities increased to $6.643 billion as of March 30, 2025, up from $5.451 billion as of September 29, 2024, an increase of 22%[108] - The company believes its cash, cash equivalents, and marketable securities will satisfy working and other capital requirements for at least the next 12 months[116] Financial Risks - Financial market risks related to interest rates, foreign currency exchange rates, and equity prices remain unchanged, despite increased volatility in capital markets[118]

FOR IMMEDIATE RELEASE Exhibit 99.1 Qualcomm Contact: Mauricio Lopez-Hodoyan Vice President, Investor Relations Phone: 1-858-658-4813 | e-mail: ir@qualcomm.com Qualcomm Announces Second Quarter Fiscal 2025 Results GAAP Revenues: $11.0 billion GAAP EPS: $2.52, Non-GAAP EPS: $2.85 —QCT EBT: 25% Year-Over-Year Growth— —QCT Diversification: Combined Automotive and IoT Revenues Grew 38% Year-Over-Year— SAN DIEGO - April 30, 2025 - Qualcomm Incorporated (NASDAQ: QCOM) today announced results for its fiscal second ...

Group 1 - Qualcomm Inc. is set to report its second-quarter earnings, with Wall Street expecting an EPS of $2.81 and revenues of $10.65 billion [1][2] - The stock has declined by 11.44% over the past year and 4.40% year-to-date, yet it has outperformed the broader chip sector, which has seen declines of over 15% year-to-date for the iShares Semiconductor ETF and 14% for the VanEck Semiconductor ETF [1][2] - Analysts are particularly focused on the potential impact of renewed Trump-era tariffs and the expected phase-out of Qualcomm's modem chips by Apple Inc. [2] Group 2 - Technical indicators for Qualcomm stock show a mixed picture, with the stock currently at $146.88, indicating slight selling pressure but short-term momentum leaning bullish as it trades above its eight-day and 20-day simple moving averages [3] - Medium- to long-term signals are more cautious, as Qualcomm stock is below its 50-day simple moving average of $151.38 and its 200-day simple moving average of $163.63, indicating resistance and a broader downtrend [4] - The Moving Average Convergence Divergence (MACD) is at a negative 1.61, reinforcing a bearish undertone, while the Relative Strength Index (RSI) at 52.22 suggests a neutral stance [4] Group 3 - The consensus analyst rating for Qualcomm stock is currently a Buy, with a price target of $193.41 per share, indicating a potential upside of 10.39% [6] - Qualcomm stock closed at $146.88, down 0.50% on the trading day prior to the earnings report [6]

Group 1: Acquisition of Deeplite by STMicroelectronics - STMicroelectronics (ST) has acquired Canadian AI startup Deeplite, which specializes in edge AI technology, particularly in model optimization, quantization, and compression [1][2] - Deeplite's technology enables AI models to run faster, smaller, and more energy-efficiently on edge devices, addressing significant challenges in deploying deep learning models commercially [2][4] - The acquisition is expected to enhance ST's STM32N6 high-performance microcontroller adoption, leveraging Deeplite's automated software engine for optimizing deep neural networks [2][5] Group 2: Edge Impulse Acquisition by Qualcomm - Qualcomm announced its acquisition of Edge Impulse, an edge AI development platform, to expand its AI capabilities for IoT products [6][7] - The acquisition is anticipated to accelerate support for Qualcomm's Dragonwing processors while maintaining Edge Impulse's brand and platform accessibility for various hardware partners [6][7] - Edge Impulse's platform is widely adopted for adding AI functionalities to embedded systems, with significant applications in health wearables and industrial organizations [7][8] Group 3: NXP's Acquisition of Kinara - NXP has reached an agreement to acquire Kinara, a leader in high-performance and energy-efficient discrete neural processing units (NPU), for $307 million [10][11] - Kinara's NPUs are designed for a wide range of edge AI applications, supporting multimodal generative AI models and ensuring adaptability for future AI algorithm developments [11][12] - The acquisition is expected to be completed by mid-2025, pending regulatory approvals [10] Group 4: Trends in Edge AI - The trend towards edge AI is growing, with predictions indicating that by 2025, 75% of data will be processed at the edge, highlighting the market potential for edge AI microcontrollers [14][15] - Major MCU manufacturers are actively acquiring startups in the edge AI space, indicating a rapid increase in demand for edge AI computing [14][15] - The competitive landscape among MCU manufacturers is expected to intensify as they adapt to the growing need for embedded AI/ML solutions [15]

4月29日，中国气象局、国家互联网信息办公室发布部门联合规章《人工智能气象应用服务办法》，鼓 励、促进和规范人工智能气象应用服务健康有序发展。《人工智能气象应用服务办法》是国内首部促进 和规范人工智能细分领域应用的部门规章。该规章以立法促进气象新质生产力发展为定位，以"鼓励促 进、规范应用、监督管理"为主线，从支持与促进、应用服务规范、监督管理三方面对人工智能气象应 用服务作出具体规定，推动行业健康有序发展。 丨 2025年4月30日星期三丨 NO.1我国首部《人工智能气象应用服务办法》发布 NO.3多家头部芯片公司连夜适配千问3 4月29日，据媒体报道，阿里巴巴千问3开源后，上下游供应链连夜进行适配和调用，NVIDIA、高通、 联发科、AMD等多家头部芯片厂商已成功适配千问3。 点评：芯片巨头的集体响应彰显千问3的技术号召力，开源生态正打破AI软硬件壁垒。此举或推动大模 型成为芯片厂商必争技术入口，加速AI应用商业化进程，但跨国企业快速适配也可能引发技术标准主 导权之争，开源协议与商业利益的平衡将成为关键挑战。 点评：该规章填补了AI(人工智能)气象治理空白，既释放政策红利驱动产业创新，又以合规框架防范技 ...

Group 1 - The account is managed by Noah's Arc Capital Management, focusing on 20th century stocks undergoing transformation in the 21st century [1] - The research aims to identify innovations in business models that could lead to significant stock changes [1] Group 2 - The managing partner of Noah's Arc Capital Management is Noah Cox, whose views may not reflect the firm's overall stance [3] - The article is intended solely for informational purposes and does not constitute investment advice [3]

Group 1 - The core viewpoint of the articles highlights the rapid advancement and adoption of Advanced Driver Assistance Systems (ADAS) in the automotive industry, particularly in China, with a significant increase in the penetration rate of L2-level and above functionalities expected by 2025 [1][7] - Canalys forecasts that by 2025, the penetration rates for highway NOA and city NOA will reach 10.8% and 9.9% respectively, indicating a shift in market dynamics [1] - The competition among SoC suppliers is intensifying, with platform capabilities and high performance becoming critical factors for success, as exemplified by Qualcomm's Snapdragon Ride platform [5][11] Group 2 - Major automotive manufacturers are increasingly adopting cross-platform ADAS strategies to enhance the functionality of mid-range vehicles priced between 100,000 to 200,000 yuan, aiming for a balance between performance and cost [2][6] - The Snapdragon Ride platform demonstrates strong scalability, catering to a wide range of vehicle models from budget to flagship, with the Snapdragon 8650 showcasing superior performance metrics [5][6] - Qualcomm's collaboration with various Chinese automotive brands emphasizes its ability to adapt algorithms and deliver efficient solutions tailored to local market needs [6][13] Group 3 - The fuel vehicle market is emerging as a new growth point for driving assistance systems, with traditional fuel vehicles being upgraded with intelligent features despite the rise of electric vehicles [7][8] - Qualcomm's passive cooling mechanism in the Snapdragon Ride platform is particularly suited for fuel vehicles, addressing challenges related to heat dissipation and energy consumption [8] - The trend towards centralized E/E architecture is evident, with a shift from dual-domain control to integrated solutions that balance cost and user experience [9][11] Group 4 - Chinese automotive manufacturers are focusing on global expansion, necessitating enhanced capabilities to meet local demands and ensure consistent intelligent experiences across markets [12][15] - Qualcomm supports these manufacturers by providing localized technical support and scalable hardware platforms, facilitating rapid adaptation to various regional requirements [13][15] - The collaboration between new energy vehicle brands and traditional manufacturers highlights the importance of cross-regional cooperation in meeting the growing global demand for driving assistance technologies [15]

Core Viewpoint - Alibaba's Qianwen 3 has been successfully open-sourced, leading to significant adaptations and utilization across the supply chain, with major chip manufacturers achieving enhanced inference efficiency on various hardware platforms and software stacks [1] Group 1: Product Performance - Qianwen 3 has surpassed leading models such as DeepSeek-R1 and OpenAI-o1 in authoritative mathematical and code evaluation sets, establishing itself as the strongest open-source model globally [1] - It is the first hybrid inference model in China, capable of providing quick responses for simple tasks while allowing for multi-step "deep thinking" for complex problems, significantly reducing computational power consumption [1] Group 2: Industry Impact - Major chip manufacturers including Nvidia, Qualcomm, MediaTek, and AMD have successfully adapted Qianwen 3, meeting AI inference demands for both mobile terminals and data centers [1]

随着先进驾驶辅助系统（ADAS）技术不断成熟，消费者对高速和城市通勤场景下驾驶辅助体验的期待提升， L2级高速NOA与城市NOA加速渗透，带动域控⽅案对前视一体机⽅案的替代，并推高中高算力SoC需求。 Canalys（现并入Omdia）预计，2025年中国市场L2级及以上功能渗透率将达62%，较2024年显著提升，高速 NOA 与城市NOA 分别达到10.8%和9.9%。预计2027–2028年，城市NOA增速将反超高速NOA ，市场结构快 速演变，将重塑SoC竞争格局。基于当前表现与节奏判断，高通凭借Snapdragon Ride平台（包括骁龙8650、 8620和8775等SoC）在产品性能与市场落地的表现，已连续两年位列Canalys中国ADAS SoC领导力矩阵的 "冠 军阵营"。 当前， 驾驶 辅助 普及加速 ： 市场倾向于平台化、性能和成本最优平衡 SoC厂商 越来越多主机厂 在推进 驾驶辅助普及 进程中，选择 。 将中高阶ADAS功能下放⾄10-20万元主力⻋型 为抢占先机 ，以 ⽐亚迪、 吉利 奇瑞 和 红旗 为代表的主流主机厂 、 采取 跨平台 的 驾驶 辅助 ⽅案 排布策略 ，系统性地推出 ...

Core Viewpoint - Investors in the Electronics - Semiconductors sector should consider Qualcomm (QCOM) and Applied Materials (AMAT) for potential value opportunities [1] Valuation Metrics - Qualcomm has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while Applied Materials has a Zacks Rank of 3 (Hold) [3] - QCOM's forward P/E ratio is 12.54, compared to AMAT's forward P/E of 16.18, suggesting QCOM may be undervalued [5] - The PEG ratio for QCOM is 1.36, while AMAT's PEG ratio is 1.60, indicating QCOM has a more favorable growth outlook relative to its valuation [5] - QCOM's P/B ratio is 6.14, while AMAT's P/B ratio is 6.61, further supporting QCOM's relative valuation attractiveness [6] - Based on these metrics, QCOM holds a Value grade of B, while AMAT has a Value grade of C [6] Conclusion - QCOM has demonstrated stronger estimate revision activity and more attractive valuation metrics than AMAT, making it a superior option for value investors at this time [7]