Qualcomm FY Conference Summary Company Overview - **Company**: Qualcomm (QCOM) - **Date of Conference**: May 28, 2025 Key Industry Insights Semiconductor and Data Center - Qualcomm is evolving into a diversified company, focusing on core handset franchises and expanding into automotive, IoT, and data centers, with strong execution in these areas [2][3][10] - The company is positioning itself as a primary beneficiary of AI, particularly as adoption shifts towards edge computing [3][10] - Qualcomm has made strategic acquisitions, such as Nuvia, to enhance its data center capabilities [7][10] Data Center Opportunities - Qualcomm believes it has one of the best CPU teams globally, capable of executing competitive designs quickly [12][15] - The data center market is changing, with a growing need for CPUs to complement AI-driven GPU workloads [13][15] - Qualcomm aims to leverage its scale, producing 40 billion components annually, to capture market share in the data center segment [15][27] - The company is exploring various entry points in the data center market, including CPU chiplets and high-scale inference solutions [20][21] Handset Market Dynamics - Qualcomm has not observed any pull-forward demand in the handset market despite concerns about tariffs and consumer confidence [35][36] - The company maintains strong relationships with major customers like Apple, Samsung, and Xiaomi, with expectations of increased volume commitments from Xiaomi [41][50] - The premium tier of the smartphone market is expanding, benefiting Qualcomm's revenue significantly [46][47] AI and Handset Content - Qualcomm is excited about the potential of AI to drive content and processing power in handsets, leading to increased average selling prices (ASPs) [81][84] - The company is investing in software capabilities for AI, which will enhance its offerings in various markets, including automotive and edge computing [93][94] Financial Projections - Qualcomm projects $22 billion in revenue from non-handset segments by 2029, with significant contributions expected from automotive and IoT [26][95] - The automotive segment is growing rapidly, with a pipeline valued at $45 billion, driven by digital cockpit solutions and ADAS [105][106] Additional Insights - Qualcomm's licensing business remains stable, with ongoing negotiations with Huawei for renewal [64][66] - The company is optimistic about its position in the market, especially regarding the upcoming licensing agreement with Apple, which is set to expire in 2027 [74][75] - Qualcomm's focus on innovation and diversification is expected to drive long-term growth, with a strong emphasis on AI and edge computing technologies [87][91] Conclusion Qualcomm is strategically positioning itself to capitalize on emerging opportunities in the semiconductor industry, particularly in data centers and automotive markets, while maintaining a strong presence in the handset sector. The company's focus on AI and software capabilities is expected to enhance its competitive edge and drive future growth.

Core Viewpoint - Qualcomm Inc. has been underperforming in the semiconductor sector, with a recent decline of up to 10% in stock price, despite a generally positive market trend [1][2]. Group 1: Stock Performance - Qualcomm's current stock price is $148.29, with a 52-week range between $120.80 and $230.63, and a dividend yield of 2.40% [2]. - The stock has shown a sideways drift, failing to gain momentum compared to the broader market [2]. - Analysts have a 12-month price forecast for Qualcomm at $192.08, indicating a potential upside of 29.89% from the current price [9]. Group 2: Technical Signals - A key technical level to watch is $156; a close above this level with volume could signal a near-term breakout [4]. - The Moving Average Convergence Divergence (MACD) indicator recently turned negative, which is a concern for investors, but a bullish crossover could indicate a shift in momentum [6][7]. - The lack of recent bullish analyst updates contrasts with the positive sentiment surrounding other tech stocks, suggesting a potential opportunity for Qualcomm if analyst sentiment improves [10][11]. Group 3: Analyst Sentiment - Recent analyst commentary on Qualcomm has been subdued, with most updates being neutral and lacking significant bullish sentiment [8][10]. - A fresh buy rating from a top-tier firm could help reset the narrative around Qualcomm, especially if it highlights the company's strengths in AI and market position [11][12]. - The current hold rating among analysts indicates a cautious approach, with some analysts favoring other stocks over Qualcomm [13].

Core Insights - The white paper highlights significant transformations in the global memory market driven by advancements in AI technology, increasing server storage demands, and upgrades in consumer storage products [19] Group 1: Global Memory Market Changes and Technological Developments - High-density 3D NAND Flash storage is continuously improving, with advancements in read/write performance, power consumption, durability, and cost [2][36] - The complexity of etching and deposition processes increases with the number of layers in NAND Flash, leading to challenges that manufacturers are overcoming through various techniques [2][41] - Major manufacturers like Samsung and SK Hynix are focusing on mass production plans for NAND Flash with over 300 layers, utilizing Wafer-to-Wafer bonding technology [2][41] Group 2: Server NAND and DRAM Application Growth - The expansion of global data center infrastructure and increased investment in AI infrastructure are driving the growth of server storage demand [3][9] - In 2024, the application shares of NAND in servers, mobile devices, and PCs are projected to be 30%, 31%, and 14% respectively, with server NAND application share expected to rise to 30% by 2025 [4][43] - For DRAM applications, the shares in servers, mobile devices, and PCs are expected to be 34%, 32%, and 14% in 2024, with server DRAM application share anticipated to grow to 36% by 2025 [5][47] Group 3: Storage Technology and Application Outlook - QLC NAND is improving in performance and reliability, making it suitable for read-intensive applications, particularly in computing centers [6][51] - The rise of AI PCs is driving the growth of PCIe 4.0/5.0 SSD applications in the consumer market, with an expected penetration rate of 35% by 2025 [7][58] - Manufacturers are actively expanding into overseas markets, particularly in Southeast Asia, Latin America, and Africa, where the SSD market holds significant potential [8][71] Group 4: AI Server Storage Demand - There is a surge in capital expenditure for AI infrastructure, significantly increasing the demand for AI servers [9][72] - The global HBM market is projected to reach $16 billion in 2024 and grow to $30 billion by 2025, accounting for 28% of the global DRAM market [11] - The demand for enterprise-grade PCIe 5.0 SSDs is rapidly increasing, with an expected shipment share of 30% by 2025 [12][50] Group 5: Consumer Storage Product Applications and Developments - Global PC shipments are expected to see a slight increase of 3% in 2025, with AI PC penetration reaching 35% [13][58] - The global smartphone shipment volume is projected to reach approximately 1.184 billion units in 2024, with NAND capacity expected to exceed 220GB by 2025 [15][16] - AI glasses are emerging as a significant consumer electronics product, with shipments expected to rise from 2 million units in 2024 to 10 million units in 2025 [17][18]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 appleinsider 。 高通公司资助的一项新研究声称，搭载骁龙调制解调器的安卓手机性能优于iPhone 16e C1 调制解调器，而且从设计上来说，高通公司占据优势。高通公司委托撰写的一份新报告发 现，搭载该公司最新调制解调器的安卓手机在 5G 速度测试中的表现优于苹果的 iPhone 16e。然而，这份报告也包含一些重要的背景信息，例如价格、测试条件以及这些数据在日 常使用中的表现。 虽然测试方法看似合理，但高通的巨额赞助却引发担忧。测试的两款安卓手机均为高端机型，售价 分别为 799 美元和 619 美元。这些手机都配备了高通最新的调制解调器，这使得结果对赞助商有 利。相比之下，iPhone 16e 是苹果售价 599 美元的中端机型，也是其首款配备完全定制调制解调 器的设备，该调制解调器尚未面向高端设备推出。这使得直接的价格比较变得不那么有意义。 苹果的 iPhone 16 Pro 机型仍依赖高通调制解调器，并提供先进的天线调谐、改进的热设计和 mmWave 5G 支持，但未包含在该研究中 通过排除这些型号，比较将苹果的入门级调制解调器 ...

Core Insights - Qualcomm's baseband chip performance surpasses Apple's self-developed C1 chip, particularly benefiting users in densely populated urban areas [1] - Apple's C1 chip, while adequate in ideal conditions, significantly lags in real-world scenarios that highlight the advantages of next-generation baseband technology [1][2] - Qualcomm anticipates a complete revenue loss from Apple as the latter aims to replace Qualcomm's components across its product line [2] Group 1: Performance Comparison - The first iPhone 16e with Apple's C1 baseband underperformed in download and upload speeds compared to Qualcomm-equipped Android devices in a T-Mobile 5G network in New York City [1] - Research indicates that Qualcomm's Android devices can achieve download speeds up to 35% faster and upload speeds up to 91% faster than the C1 chip [2] - The report noted that the iPhone exhibited overheating and screen brightness reduction after two minutes of testing, although it did not clarify the impact on everyday communication quality [2] Group 2: Strategic Implications - Apple's long-term strategy involves replacing Qualcomm's products with its own self-developed technology, which has been a gradual process over several years [1][3] - Qualcomm emphasizes the complexity of baseband technology development, asserting its ability to simulate various network conditions to ensure stable chip performance [3] - Apple's vertical integration strategy has led to the incorporation of self-developed processors across its product range, enhancing functionality and cost control [3]

Core Insights - Apple has launched its first self-developed baseband chip, C1, after seven years and significant investment, but a recent study challenges its performance compared to Qualcomm's chips [1][3] - The study indicates that the iPhone 16e, equipped with the C1 chip, underperforms in urban 5G network environments, particularly in download and upload speeds compared to Qualcomm-powered Android devices [1][2] - Qualcomm's X75 chip shows superior capabilities, supporting higher data speeds and more advanced network features than Apple's C1 [3][4] Performance Evaluation - The iPhone 16e's performance in New York City on T-Mobile's 5G network was disappointing, with download speeds lagging by up to 35% and upload speeds by up to 91% compared to similar-priced Android devices [1][2] - The report highlights that the C1 chip, while performing adequately under ideal conditions, fails to meet expectations in dense urban settings where 5G performance is critical [1][2] Technical Limitations - C1 supports only four-carrier aggregation on low-frequency 6-GHz networks, with a peak speed of approximately 4 Gbps, while Qualcomm's X75 supports five-carrier aggregation and can reach theoretical speeds of 7-10 Gbps [3][4] - The iPhone 16e does not support 5G millimeter-wave technology globally, which may hinder its performance in high-traffic areas in the U.S. market [4] Market Dynamics - Despite performance issues, the C1 chip has made strides in energy efficiency, with the iPhone 16e offering up to 26 hours of video playback, surpassing the iPhone 16 and nearing the iPhone 16 Pro [5] - Apple's hardware technology senior vice president stated that C1 is just the beginning, with plans for the C2 chip to address current limitations and the C3 chip aimed at surpassing Qualcomm's technology [6] Competitive Landscape - Qualcomm's recent study and timing suggest a strategic move to counter Apple's entry into the baseband market, as Apple has historically contributed about 20% of Qualcomm's revenue [3] - The outcome of this technological competition will significantly impact Apple's future competitiveness and profitability as it seeks to reduce costs and improve margins through in-house chip development [6]

Core Insights - Qualcomm's modem chips outperform Apple's competing component, particularly for cellular users in densely populated urban areas [1] - The iPhone 16e is the first smartphone to feature Apple's self-developed C1 modem, which shows slower download and upload speeds on T-Mobile's 5G network in New York City compared to Android devices using Qualcomm chips [1] - The research funded by Qualcomm was conducted by Cellular Insights Inc. and the results were provided to Bloomberg [1]

美光公司表示："政府应该考虑对美国半导体工厂的关键投入实行临时关税豁免，包括中小企业、 建筑材料、替换零件以及光刻光刻胶和化学品等原材料。" 作为一家无晶圆厂芯片公司，高通的论点略有不同。它强调了高通作为5G乃至6G标准制定者的重 要性。 该公司辩称，其及其国内客户依赖进口芯片，供应链的复杂性将损害国内需求，从而损害高通及其 作为射频标准全球领先者的地位。 如果您希望可以时常见面，欢迎标星收藏哦~ 继英特尔和台积电后美国芯片巨头美光、高通和德州仪器均已向美国商务部提交意见，寻求 减轻预期的美国半导体进口关税负担或获得豁免。 他们的诉状是根据针对半导体进口的"232条款"调查条款作出的回应。与此同时，全球领先的晶圆 代工厂台积电也呼吁特朗普政府重新考虑或给予其进口关税豁免。 特朗普多次表示，将对进口芯片及相关半导体材料征收25%或以上的高额关税。 所有美国芯片公司的信函都表示支持特朗普总统的芯片制造回流政策，但也凸显了半导体供应链的 复杂性。每封信都以各自的方式试图解释，设计不当的关税可能会损害美国利益，而非达到预期效 果。 这四家公司涉及逻辑、内存、模拟和电源芯片以及芯片设计领域，给人一种协同努力以减少预期关 ...

Industry Information - CATL has launched the 75 standardized battery swap block and aims to build a nationwide battery swap network covering 80% of trunk transport capacity by 2030, targeting a 50% market penetration for electric heavy trucks within three years [8][9] - In the first four months, Ningbo port exported over 70,000 new energy vehicles, marking a year-on-year increase of 366.8% [12] - The number of active new energy vehicles in China has surpassed 30 million, with over 20 million being pure electric vehicles [12] - TrendForce predicts that global new energy vehicle sales will exceed 4 million units in Q1 2025, representing a 39% year-on-year increase [16][20] - Ganfeng Lithium has established a comprehensive layout in the solid-state battery sector, with energy densities reaching 420Wh/kg [22] Policy Information - Guizhou Province plans to adjust peak and valley electricity prices, with peak prices increasing by 60% and valley prices decreasing by 60% [29][30] - The Zhejiang Provincial Finance Department has allocated 118.8 million yuan for energy-saving and emission reduction subsidies, focusing on charging and swapping facilities [11] - Beijing has issued an additional 20,000 new energy vehicle license plates to meet the needs of carless families [11][12] - The Shenzhen Market Supervision Administration has released fire safety management regulations for electric vehicle supercharging stations [32][33] - The Shanghai Municipal Development and Reform Commission has introduced a reward system for V2G (Vehicle-to-Grid) capabilities, with a maximum reward of 240 yuan per kilowatt per year [35][36]

Core Viewpoint - Major US semiconductor companies, including Micron, Qualcomm, and Texas Instruments, are seeking relief from anticipated semiconductor import tariffs through comments submitted to the US Department of Commerce, highlighting the complexity of the semiconductor supply chain and the potential negative impact of poorly designed tariffs on US interests [1][2][3]. Group 1: Micron Technology's Position - Micron emphasizes its role as the only large-scale memory component manufacturer in the US and plans to invest $140 billion over the next 20 years to support US national and economic security [5][9]. - The company argues that tariffs on semiconductor manufacturing equipment (SME) could disadvantage US manufacturers by increasing costs and harming competitiveness [17][19]. - Micron's investment is expected to create 80,000 jobs and contribute $1.4 trillion to the US economy over 20 years, while also addressing national security risks associated with memory chip production concentrated in Asia [12][14]. Group 2: Qualcomm's Position - Qualcomm highlights its leadership in semiconductor design and its critical role in 5G and 6G technology, advocating for reduced regulatory burdens to facilitate expansion and investment in the US [28][30]. - The company stresses the importance of maintaining a strong domestic supply chain to support its operations and the broader semiconductor industry, while also emphasizing the need for government policies that stimulate domestic demand for semiconductors [29][39]. - Qualcomm warns that tariffs could jeopardize its global market access and the US's position as a technology leader, urging careful consideration of the implications of any tariff actions [38][40]. Group 3: Industry Implications - The semiconductor industry is characterized by a complex, interdependent global supply chain, where even minor disruptions can lead to significant competitive disadvantages for US companies [39]. - The industry is facing challenges related to high manufacturing costs in the US compared to Asia, necessitating supportive government policies to enhance competitiveness and attract investment [13][24]. - The need for a coordinated trade policy that supports US semiconductor manufacturing growth is critical, as tariffs could inadvertently harm domestic manufacturers and hinder the goal of increasing US semiconductor production [16][22].