苹果将彻底抛弃高通基带，芯片巨头遇劫

Core Viewpoint - Qualcomm's stock price dropped 4.8% to $169.27 after Mizuho Securities downgraded its rating and target price, citing challenges in mobile shipments and components for Apple [1][2] Group 1: Market Challenges - Mizuho Securities predicts a potential 7% reduction in Qualcomm's expectations for 2026 due to anticipated declines in mobile shipments and Apple's in-house modem development [1] - The smartphone market remains weak, with major clients shifting more work in-house, which poses a significant challenge for Qualcomm's growth [1][2] - Investors are preparing for Apple's gradual transition to in-house 5G technology, which could lead to Qualcomm losing its market share with Apple [2] Group 2: Product Performance - Qualcomm's Snapdragon X2 Plus processor, launched at CES 2026, claims to outperform Intel and AMD chips, but benchmark tests show it lags behind Apple's M4 chip [3][4] - In single-core tests, Snapdragon X2 Plus outperformed several Intel and AMD processors but fell short of the Apple M4 [4][7] - The Snapdragon X2 Plus shows a performance increase of 15% to 50% over its predecessor, yet it still struggles against Apple and x86 chips in the laptop market [10][13]