Core Insights - The article emphasizes the importance of understanding macro trends and their influence on asset prices and investor behavior, particularly in the context of equity analysis and research [1]. Group 1: Professional Background - The individual has over 10 years of experience in asset management, focusing on equity analysis, macroeconomics, and risk-managed portfolio construction [1]. - The professional background includes advising on and implementing multi-asset strategies, with a strong emphasis on equities and derivatives [1]. - The individual holds a BA in Financial Economics and an MA in Financial Markets, indicating a solid educational foundation in finance [1]. Group 2: Investment Philosophy - The goal of sharing insights is to make investing accessible, inspiring, and empowering for fellow investors [1]. - The analysis aims to help build confidence in long-term investing by exchanging ideas and insights among investors [1]. - The article encourages readers to conduct their own research before making investment decisions, highlighting the importance of informed decision-making [1].

Core Insights - Qualcomm has partnered with CP PLUS to integrate its Dragonwing processors into AI video security solutions, targeting the rising demand for edge AI and enhanced data security [1][8] Group 1: Market Trends and Projections - The AI video market size was $3.86 billion in 2024 and is projected to reach $42.29 billion by 2033, with a compound annual growth rate of 32.2% [2] - North America currently leads the AI video market, but emerging markets like India are rapidly catching up [2] Group 2: Technological Advancements - Qualcomm's edge AI capabilities enhance data security by minimizing exposure to external networks and reducing cybersecurity threats, which is crucial for industrial and public infrastructure [3] - The Qualcomm Insight Platform will provide on-site video intelligence with reduced latency and real-time alerts [3] Group 3: Competitive Landscape - Qualcomm faces aggressive competition in the smartphone market, with customers like Apple and Samsung moving towards in-house chip development [4] - Competitors like NVIDIA and Motorola are also making significant strides in AI video analytics and video intelligence solutions, respectively [5][6] Group 4: Financial Performance and Valuation - Qualcomm shares have increased by 14.1% over the past year, compared to the industry's growth of 54% [7] - The company's shares currently trade at a price/earnings ratio of 14.81, which is lower than the industry average of 41.02 [9]

Core Viewpoint - Stock market buybacks are an effective method for publicly traded companies to reward shareholders and demonstrate confidence for 2026 [1] Buyback Rationale - Companies can repurchase shares instead of reinvesting all profits or increasing dividends, which lowers share count and boosts metrics like earnings per share (EPS) [1][2] - A reduction in outstanding shares leads to an increase in EPS, benefiting long-term shareholders by increasing their ownership percentage [2][3] Benefits of Buybacks - Buybacks provide a targeted return on capital, favoring shareholders who prefer this method over dividends, which are taxable and distributed to all shareholders [3] - Remaining shareholders benefit from a higher ownership percentage when shares are repurchased [3] Notable Companies Engaging in Buybacks - **Apple Inc.**: - Year-to-date performance of +10.27% - Repurchased $20 billion in stock in Q3 and approximately $91 billion for the fiscal year as of October 31 [6][7] - Strong cash flow and disciplined capital return make it a solid long-term investment [7][9] - **Qualcomm Inc.**: - Repurchased 50 million shares since November 2024, returning $7.76 billion to shareholders [10] - Demonstrates confidence in its core business despite macroeconomic challenges [11][12] - **Home Depot**: - Launched a $15 billion stock repurchase program in 2023 but paused in 2025 to focus on debt management [14] - Anticipates long-term growth in home improvement demand, with a pent-up demand of around $20 billion expected in 2026 [15][16] Market Trends - 2026 is projected to be a significant year for share repurchases, with companies authorizing and deploying more cash for buybacks than ever before [4] - Companies with healthy cash flows and consistent capital-return policies are more likely to engage in effective buybacks [4]

Group 1 - The article highlights that it is a favorable time for technology investors, particularly those investing in QUALCOMM (QCOM) since the market bottom in November [1] - JR Research is recognized as a top analyst for technology and growth investing, focusing on identifying attractive risk/reward opportunities that can outperform the S&P 500 [1] - The investment strategy emphasizes growth opportunities with significant upside potential, avoiding overhyped stocks while targeting beaten-down stocks with recovery possibilities [1] Group 2 - The investing group Ultimate Growth Investing specializes in identifying high-potential opportunities across various sectors, focusing on stocks with strong growth potential and attractive valuations [1] - The investment outlook is typically set for 18 to 24 months, aiming to capitalize on robust fundamentals and buying momentum [1]

Core Viewpoint - The acquisitions of RISC-V companies by major players like Qualcomm and Meta signify a natural progression in the RISC-V ecosystem, highlighting the importance of strategic positioning and influence in the evolving landscape of RISC-V technology [3][8]. Group 1: Impact of Qualcomm's Acquisition of Ventana - Qualcomm's acquisition of Ventana strengthens its control over RISC-V standard-setting, which could significantly influence the future ecosystem of RISC-V both globally and in China. This consolidation allows Qualcomm to lead strategic direction, certification standards, and technical guidelines simultaneously [3][4]. - The governance structure of the RISC-V International (RVI) allows for significant disparities in actual influence during technical discussions, with companies like Ventana and Qualcomm having a more substantial voice compared to Chinese enterprises, which need to enhance their participation in standard-setting processes [4][5]. Group 2: Strengthening of Open Source Community Influence - The acquisition enhances Qualcomm's influence in key open-source communities, which is critical for the development of the RISC-V software ecosystem. Qualcomm's experience in upstreaming software could lead to increased support for RISC-V projects, potentially establishing a new technical organization similar to Linaro in the U.S. or Europe [5][6]. - Chinese companies must recognize the importance of contributing to and maintaining a voice in international open-source communities to avoid marginalization. Despite some progress, overall contributions from Chinese organizations remain insufficient and are trending downward [6][7]. Group 3: Uncertainty for Domestic RDSA Industry Alliance - Ventana's active role in the Chinese market and its involvement in founding the RDSA Industry Alliance raises questions about the future of this alliance following the acquisition. The legacy of Ventana in China may face uncertainties [7]. Conclusion - The trend towards RISC-V becoming a global open standard is inevitable, with major tech companies increasing their investments. Domestic RISC-V companies must acknowledge these changes and actively respond to the intensifying competition while emphasizing the importance of upstream contributions and long-term investments [8].

南方财经记者彭敏静 珠海报道 日前，一则重磅消息惊动全球半导体产业圈。当地时间12月10日晚，全球半导体巨头高通公司宣布完成 对Ventana Micro Systems的收购，进一步强化其在RISC-V领域的技术布局。 巨头加码RISC-V，印证了AI时代RISC-V开源架构的广阔前景。而在此背后，一座中国城市的战略布局 也浮出水面。 去年9月，Ventana携手珠海科技产业集团、跃昉科技在珠海牵头成立了全球首个基于RISC-V的DSA产业 创新合作组织——RDSA产业联盟。业内人士分析，随着Ventana正式纳入高通体系，该联盟有望接入高 通覆盖全球的技术、渠道与生态资源，迎来国际化发展的重要契机。 早在2023年12月召开的中共珠海市委九届六次全会上，珠海市委书记、省委横琴工委书记陈勇就提出 以"云上智城"、低空经济、开源体系等为重点大力培育新质生产力。2024年9月，陈勇书记进一步提 出，要借助RDSA产业联盟等平台，汇集全球产业链智慧和力量，将珠海打造为具有重要国际影响力和 示范性的RISC-V创新高地。 （原标题：巨头入局，珠海面向全球打造中国RISC-V生态之城） 从前瞻布局"RISC-V+芯粒 ...

Group 1 - Qualcomm is viewed as a quality stock with potential for a rally driven by AI-related handset average selling price (ASP) increases and credible automotive revenue conversion opportunities [1] - The company is positioned to benefit from macroeconomic trends and corporate earnings, indicating a focus on long-term value creation [1] Group 2 - The analysis emphasizes the importance of rigorous risk management and financial modeling in uncovering high-growth investment opportunities [1] - The research approach combines fundamental and technical analysis to provide actionable insights for investors [1]

Core Insights - The automotive industry is evolving towards architecture optimization and system collaboration, with cockpit and driving integration being a crucial step towards centralized computing [1][8] - Qualcomm has launched the Snapdragon Ride Flex SoC, the first platform to support both smart cockpit and advanced driver assistance systems (ADAS) simultaneously, at CES 2023 [1][8] - Several new models featuring the Snapdragon 8775, including the Arcfox Alpha T5, Dongfeng Nissan N6, and Buick models, indicate a shift towards large-scale production of integrated cockpit and driving systems [1][3][5] Group 1: Technology and Innovation - The Snapdragon 8775 platform enhances the performance and efficiency of vehicles, allowing for a streamlined architecture and improved computational resource allocation [1][8] - The integration of cockpit and driving functions through the Snapdragon 8775 enables a seamless user experience, reducing space usage by 52% and power consumption by 15% [3][5] - The platform supports high-speed communication, significantly shortening data transmission links and improving bandwidth and response times between cockpit and driving systems [3][8] Group 2: Model Launches and Features - The Arcfox Alpha T5 is notable for being the first mass-produced model to achieve cockpit and driving integration, supported by the Snapdragon 8775 [3][5] - The Dongfeng Nissan N6 features personalized configurations and advanced infotainment capabilities, including AI voice assistant functions and a comprehensive driving assistance system [5][8] - The Buick models leverage the Snapdragon 8775 for immersive and personalized smart cockpit experiences, with the Buick GL8 offering connectivity for up to eight displays [7][8] Group 3: Industry Collaboration and Future Outlook - Over a dozen automotive partners, including BAIC Group and Dongfeng Nissan, are developing next-generation smart vehicles based on the Snapdragon Ride Flex SoC [10] - The platform's ability to facilitate software reuse and cross-platform migration enhances flexibility in vehicle planning and software development [10] - As cockpit and driving integration continues to deepen, the Snapdragon platform is expected to provide a robust technological foundation for innovation in the automotive industry [10]

Core Points - Qualcomm participated in the torch relay for the 2026 Milan-Cortina Winter Olympics, symbolizing collaboration and progress [1] - Qualcomm has been collaborating with TCL for over 20 years, focusing on market expansion and innovation in various technology sectors [3] - Qualcomm's commitment to technology innovation aligns with the Olympic spirit of "Faster, Higher, Stronger," emphasizing the importance of connectivity and computing performance [4] Company Collaboration - Qualcomm and TCL have worked together to enhance user experiences in smartphones, smart devices, and smart glasses [3] - The partnership aims to deliver superior connectivity, efficient computing performance, and enriched product experiences to global users [4] Industry Trends - There is a growing demand for high-performance, low-power, and wide-coverage connectivity solutions in the context of evolving 5G, Wi-Fi, AI, and IoT technologies [4] - Qualcomm plans to leverage its leading technology platforms to support the deployment of innovative applications and drive the smart upgrade of various intelligent terminals [4]

Core Viewpoint - The evolution of AI applications can be categorized into four stages: Perception AI, Generative AI, Agent AI, and Physical AI [9]. Group 1: Stages of AI Evolution - The first stage, Perception AI, includes traditional technologies such as natural language processing, speech noise reduction, and image recognition, which have been commercialized in many terminal devices for years [13][14]. - The second stage, Generative AI, emerged with the rise of ChatGPT, focusing on pre-training with large datasets and completing specific tasks under human supervision, including text-to-image generation and chatbots [14][19]. - The third stage, Agent AI, allows for autonomous actions, predictions, intent understanding, and task orchestration with minimal human intervention [18][19]. - The fourth stage, Physical AI, is still in the research phase, where AI can understand the physical world and respond according to real physical laws [21][22]. Group 2: Current Industry Trends - The industry is currently transitioning from Generative AI to Agent AI, with a focus on enhancing terminal capabilities from single text modalities to multi-modal interactions [4][19]. - The deployment of large models on terminal devices faces challenges such as memory limitations, bandwidth constraints, and power consumption [6][30][34]. Group 3: Advantages and Challenges of Edge AI - The primary advantage of running large models on terminal devices is personalization, as data generation occurs close to the source, enhancing privacy and security [31]. - Edge AI also offers the benefits of being free and not requiring internet connectivity [32]. - Challenges include memory limitations that restrict model size, bandwidth limitations affecting inference speed, and the need for efficient power management in high-integration devices [34][35][36]. Group 4: Technological Innovations - Qualcomm has developed several technological innovations to address these challenges, including quantization and compression techniques to reduce memory usage, parallel decoding to enhance token generation speed, and advanced NPU architectures for improved performance [37][39][40]. - The parallel decoding technique allows for the generation of multiple tokens simultaneously, improving efficiency and user experience [41][42]. Group 5: Future of AI Experience - The future AI experience is expected to evolve towards a hybrid AI model, where efficient models run on the edge provide personalized services, while larger models in the cloud offer more powerful capabilities [55][57]. - Qualcomm aims to ensure seamless collaboration between edge and cloud environments through low-latency, high-speed, and secure connectivity [58].