Qualcomm(US:QCOM) Xin Lang Cai Jing·2025-10-10 23:00Core Viewpoint - Qualcomm's stock price has dropped 7.29%, reaching a new low since August 2025, primarily due to an antitrust investigation related to its acquisition of Autotalks [1][2] Group 1: Company Overview - Qualcomm is facing an antitrust investigation by China's State Administration for Market Regulation for failing to report its acquisition of Autotalks, a company specializing in automotive communication chips [1] - The acquisition of Autotalks aims to enhance Qualcomm's capabilities in vehicle communication and autonomous driving systems, integrating its technology into the Snapdragon digital chassis platform [1] - Qualcomm's technology solutions have become integral to the Chinese smartphone supply chain and support over 210 models of Chinese brand vehicles [1] Group 2: Financial Impact - Qualcomm's fiscal year 2024 revenue reached $38.96 billion, with 46% derived from the Chinese market, which may face turbulence due to tightening regulatory scrutiny [2] - The increasing regulatory challenges in key technology sectors such as automotive, communications, and semiconductors may impact Qualcomm's market position and bargaining power with automakers [2] Group 3: Regulatory Environment - The regulatory challenges faced by Qualcomm in its acquisition of Autotalks are not isolated, as similar concerns have been raised by the EU, US, and UK regarding this acquisition [2] - The investigation reflects a broader global anxiety about the control of critical technologies in smart connected vehicles, indicating a trend towards stricter regulatory oversight [2] Group 4: Long-term Outlook - While the regulatory challenges may negatively impact Qualcomm's stock price in the short term, resolving these legal obstacles could allow the company to maintain its leadership in the "connectivity technology + automotive electronics" sector [2] - Investors are advised to monitor short-term market fluctuations while also considering Qualcomm's long-term potential in emerging markets such as automotive and IoT [2]