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Investment Rating - The report maintains a positive outlook on Qualcomm (QCOM.O) and suggests keeping a close watch on companies like Nvidia (NVDA.O), AMD (AMD.O), Intel (INTC.O), and TSMC (TSM.N) due to their potential investment value in the semiconductor sector [9][14]. Core Insights - The semiconductor industry is currently experiencing a cyclical adjustment, with Qualcomm reporting a Q1 revenue of $9.39 billion, slightly above market expectations of $9.32 billion. The company is focusing on diversifying its market presence beyond mobile phones, particularly in personal computers and automotive sectors [9][14]. - The report highlights that Qualcomm's smartphone business remains its primary revenue driver, with a notable dependency on the Chinese market, which contributed significantly to its recent performance. The management is optimistic about the upcoming quarter, indicating a potential rebound in smartphone demand [9][14]. - The report emphasizes the growing importance of AI in the semiconductor space, with Qualcomm positioning itself to capitalize on AI smartphone and AI PC markets, suggesting that 2024 could be a pivotal year for AI integration in mobile devices [9][14]. Market Performance - The report notes that during the week of April 29 to May 3, 2024, the Philadelphia Semiconductor Index experienced a weekly decline of 1.04%, while major U.S. indices showed slight gains, with the Dow Jones up 0.75%, S&P 500 up 0.23%, and Nasdaq up 1.08% [2][14]. - Individual stock performances varied, with Qualcomm seeing a weekly increase of 6.17%, while other key players like AMD and Intel faced declines of 5.99% and 1.47%, respectively [6][8]. Economic Context - The report discusses the macroeconomic backdrop, noting that U.S. non-farm payroll data for April fell significantly short of expectations, leading to renewed hopes for interest rate cuts by the Federal Reserve. This economic environment is influencing investor sentiment towards the semiconductor sector [10][14]. - The report indicates that the unemployment rate rose to 3.9%, the highest level since January 2022, and wage growth slowed to 3.9%, which may impact consumer spending and, consequently, demand for semiconductor products [10][14].