高通发布2026财年Q1财报，AI芯片业务加速布局

Core Viewpoint - Qualcomm reported its Q1 FY2026 earnings, meeting expectations but facing margin pressure, while accelerating its AI chip initiatives and completing several acquisitions to enhance edge AI capabilities [1] Financial Performance - Qualcomm's Q1 FY2026 revenue was $12.25 billion, a 5% year-over-year increase, aligning with market expectations, but gross margin was 54.6%, down 1.2 percentage points year-over-year, primarily due to storage shortages [2] - Mobile business revenue reached $7.8 billion, growing 3.3% year-over-year, but the growth rate has slowed; automotive and IoT segments grew by 14.6% and 9%, respectively [2] - The company provided Q2 FY2026 revenue guidance of $10.2 to $11 billion, below the market expectation of $11.2 billion, and Non-GAAP EPS guidance of $2.45 to $2.65, also below expectations, indicating potential ongoing pressure from storage shortages [2] Business Developments - Qualcomm is accelerating its AI strategy, planning to begin mass production of the AI200 chip in 2026, and has partnered with Saudi AI startup Humain to deploy 200 MW of computing power, which is expected to create potential revenue opportunities [3] - The company is focusing on the AI PC and data center markets, launching the Snapdragon X2 series PC platform to explore new growth avenues [3] Project Progress - In 2025, Qualcomm completed several acquisitions, including the integration of Alphawave and the acquisition of Arduino, aimed at enhancing its edge AI hardware and software stack, thereby improving competitiveness in smart automotive and IoT sectors [4] Fundamental Issues - The storage shortage issue has escalated from "price increase" to "out of stock," which may directly limit mobile business shipment volumes; the company anticipates a year-over-year decline of approximately 13% in mobile revenue for the next quarter, posing a key challenge for the upcoming quarters [5] Institutional Views - Morgan Stanley reinstated a "reduce" rating on Qualcomm on February 10, 2026, with a target price of $132, reflecting market concerns regarding short-term performance [6]