Qualcomm(US:QCOM) Zhi Tong Cai Jing·2025-11-03 07:30Core Viewpoint - Qualcomm is set to release its Q4 2025 fiscal year earnings on November 5, with analysts anticipating strong signals of recovery in smartphone and PC chip demand, as well as updates on its AI chip developments [1] Group 1: Business Expansion and AI Focus - Qualcomm has diversified its business beyond smartphone reliance, expanding into PC, automotive chips, and IoT, with a focus on high-performance AI capabilities [1][3] - The newly launched AI200/AI250 chips are aimed at the AI data center market, directly competing with NVIDIA and AMD's AI accelerators [1][2] - The AI200/AI250 chips are designed to significantly reduce the total cost of ownership (TCO) for AI inference workloads in data centers [2] Group 2: Market Potential and Growth Drivers - If Qualcomm secures orders from major tech companies like Microsoft, Amazon, and Meta for its AI infrastructure, it could generate billions in new revenue [2] - Analysts have raised Qualcomm's target stock price to $200 or above, indicating a potential upside of approximately 7.4% from the current levels [3] Group 3: Defensive and Growth Attributes - Qualcomm possesses a unique combination of defensive and growth characteristics, driven by stable patent licensing revenues and diverse semiconductor business growth [3][5] - The company is expected to exhibit both offensive and defensive traits, benefiting from a favorable market while maintaining resilience in a downturn [5] Group 4: Sales Composition and Edge AI Strategy - Qualcomm's revenue is increasingly diversified across smartphones, PCs, automotive electronics, and IoT, with smartphones remaining the largest segment [6] - The company is well-positioned to benefit from the edge AI trend, which involves deploying AI models directly on devices, enhancing performance and reducing latency [6] Group 5: AI Accelerator Innovations - The AI200/AI250 chips are designed for rack-scale AI inference clusters, with a focus on energy efficiency and performance [7][8] - The AI250 introduces innovative near-memory compute technology, significantly enhancing memory bandwidth and enabling more efficient AI inference workloads [8]