Qualcomm Conference Call Summary Company Overview - **Company**: Qualcomm (NasdaqGS:QCOM) - **Date**: December 02, 2025 - **Speaker**: Cristiano Amon, President and CEO Key Points Data Center Business - Qualcomm is focusing on the low-power inference market with the introduction of AI 200 and AI 250 products, aiming to build large inference-focused clusters [5][9] - The company anticipates competition in the AI space, emphasizing the importance of efficiency metrics such as tokens per dollar and tokens per watt [6][12] - Qualcomm is leveraging its CPU and NPU architecture to create efficient inference solutions, believing it can capture a significant share of the market [7][8] - The first customer for the AI 200 is a 200-megawatt data center with Saudi National AI Company, indicating strong initial traction [10] Financial Projections - Qualcomm's non-handset revenue is projected to reach $22 billion by fiscal 2029, with the data center business expected to be a significant incremental contributor [16][17] - The company has been conservative in its financial modeling but is confident in pulling projections forward by one year based on current performance [17] Adjacent Markets - The automotive sector is highlighted as a strong growth area, with Qualcomm's Snapdragon Digital Chassis becoming an industry platform [20][21] - Personal AI devices, particularly smart glasses, are seen as a promising market, with expectations of significant growth and integration with mobile technology [22][23] - The acquisition of Arduino is aimed at enhancing Qualcomm's capabilities in industrial applications, further diversifying its revenue streams [26] Handset Business - Qualcomm's handset revenue, particularly in the Android segment, has grown nearly 10% in a flat market, driven by a shift towards premium devices [39][40] - The company is seeing a contraction in the mid-tier market while the premium segment expands, especially in markets like India [41][42] - Qualcomm maintains a strong position with major Android OEMs, despite their internal modem development efforts, due to the need for rapid technology transitions [44][45] Licensing and Competitive Landscape - Qualcomm is planning its business under the assumption that Apple will transition away from using its modems by 2027, while still being open to continued collaboration [49][50] - The company has a robust patent portfolio and believes its licensing model is fair and stable, with successful renewals from major players [52][53] Additional Insights - Qualcomm emphasizes the importance of context in computing, particularly for agentic experiences in personal devices [31][32] - The company is focused on maintaining leadership in IP and technology, which is crucial for its competitive edge in the rapidly evolving mobile market [46][47] This summary encapsulates the key insights from Qualcomm's conference call, highlighting the company's strategic focus areas, financial outlook, and competitive positioning in the semiconductor industry.