Core Viewpoint - Qualcomm reported strong growth in its QCT non-Apple business, with a revenue increase of over 15% year-on-year for the second consecutive year, and expressed confidence in achieving a combined revenue target of $22 billion for automotive and IoT by fiscal year 2029 [1] Group 1: Financial Performance - In the latest quarter, Qualcomm's QCT revenue was projected between $9 billion and $9.6 billion, with an EBITDA margin of 27% to 29% [1] - Mobile business revenue increased by 5% quarter-on-quarter, with an 8.9% year-on-year growth despite a decline in Apple revenue [1] - IoT revenue remained flat quarter-on-quarter, while automotive revenue is expected to reach $1 billion [1] Group 2: Strategic Partnerships - Qualcomm secured a long-term agreement with Xiaomi for high-end smartphones, which will utilize Qualcomm's chips in global and Chinese markets, with Xiaomi being the first to launch the next-generation Snapdragon 8 Elite chip [1][11] - The partnership with Xiaomi has expanded beyond smartphones to include automotive, smart glasses, wearables, and tablets, indicating a sustainable and beneficial collaboration [1][12] Group 3: Market Outlook - Qualcomm anticipates normal seasonal revenue patterns for Q1 of fiscal year 2026, adjusting for the expected decline in Apple's market share [6] - The company remains optimistic about strong performance in the upcoming quarter, driven by new product launches and a robust demand outlook [5][7] Group 4: Data Center Business - Qualcomm is focusing on two product categories in the data center space: general-purpose CPUs and inference cluster accelerators, with a strong emphasis on leveraging its IP from Alphawave [4] - The company is in discussions with key clients regarding its data center offerings and is optimistic about the market potential [4][8] Group 5: Competitive Position - Qualcomm maintains a solid position in China, with an increasing share of QCT revenue, and expects to sustain its competitive edge in the automotive and IoT sectors [11][12] - The company has a long-standing partnership with Samsung, with a baseline market share expectation of around 75% for its chips in Samsung devices [9]

Core Viewpoint - Samsung has officially confirmed the development of a tri-fold smartphone, aiming for a launch by the end of this year, with a strong emphasis on the integration of AI in its strategy [2][4]. Group 1: Product Development - Samsung plans to release a tri-fold smartphone, with the name yet to be finalized, focusing on product usability [4]. - The recently announced Galaxy Z Fold 7 and Z Flip 7 feature a thinner design, with the Fold 7 measuring 8.9mm when folded and 4.2mm when unfolded [5]. - The Fold 7 uses a custom Snapdragon 8 Elite chip, while the Flip 7 is powered by Samsung's Exynos 2500 chip, raising concerns about the latter's performance [8]. Group 2: AI Integration - Samsung aims to embed AI functionalities into its existing 400 million Galaxy devices by the end of the year, enhancing the smartphone's role as an AI partner [8][9]. - The company intends to expand Galaxy AI features across its product range, contingent on hardware capabilities [9]. Group 3: Future Projects - Samsung is collaborating with Google on a new XR headset project named Moohan, set to launch within the year [9]. - The development of Samsung's smart glasses is still in the early stages, with considerations for user experience and partnerships [11].

Core Viewpoint - The global high-end smartphone SoC market is projected to grow by 34% year-on-year in 2024, driven by strong consumer preference for high-end models and improvements in average selling prices (ASP) [1][4]. Market Trends and Uncertainties - The high-end smartphone SoC revenue growth is attributed to increased demand for high-end models and advancements in AI performance platforms [4]. - Qualcomm maintains market dominance with a 6% annual growth rate, despite losing some market share to Exynos chips in the Samsung Galaxy S24 series, with a recovery expected in 2025 due to the Galaxy S25 series [4]. - Samsung's Exynos chips have quadrupled revenue in the Galaxy S/A series, but a potential decline is anticipated in 2025, indicating instability in the Exynos technology route [4]. - HiSilicon has made a strong comeback in the Chinese high-end market, capturing a 12% revenue share in 2024, supported by deep integration with the HarmonyOS and a loyal user base [4]. - Media Tek's high-end smartphone SoC revenue nearly doubled, benefiting from the market performance of the Dimensity 9300 series and the launch of the Dimensity 9400 [4]. Analyst Insights - The high-end smartphone SoC segment contributed 52% of total Android smartphone SoC revenue in 2024, with intensified competition due to HiSilicon's return and Media Tek's accelerated expansion [6]. - Qualcomm's continued dominance is supported by collaborations with Samsung and Chinese smartphone manufacturers, while Media Tek's growth is primarily focused on the Chinese market, leveraging partnerships with brands like vivo and OPPO [6][7]. - Samsung's high-end product revenue saw a fourfold increase in 2024, largely due to the Galaxy S24 series, but may face a decline in 2025 due to the Galaxy S25 series not using in-house chips [7][9]. - HiSilicon's market performance is bolstered by the Pura 70 and Mate 70 series, with expectations to maintain the third position in the Android high-end market revenue share in 2025 [7][9].