Core Viewpoint - Qualcomm's stock price dropped significantly due to warnings about losing Apple as a customer for its modem business and lower-than-expected smartphone chip revenue in Q3 [1][4][3] Financial Performance - For Q3 ending June 29, Qualcomm reported revenue of $10.37 billion, a 10% year-over-year increase, but below the analyst expectation of $10.62 billion [3] - Adjusted net profit was $2.67 billion, up 25% year-over-year, with adjusted earnings per share at $2.77, exceeding the expected $2.72 [3] - The QCT segment (mainly chip business) generated $8.993 billion in revenue, an 11% increase year-over-year [3] - Smartphone chip revenue was $6.328 billion, a 7% increase but below the expected $6.48 billion [3] - Automotive chip revenue reached $984 million, up 21%, while IoT revenue was $1.681 billion, up 24% [3] Future Outlook - Qualcomm expects Q4 revenue to be between $10.3 billion and $11.1 billion, with analyst expectations averaging $10.6 billion [3] - QCT segment revenue is projected to be between $9 billion and $9.6 billion, with expected earnings per share between $2.75 and $2.95 [3] Client Dependency and Market Strategy - Qualcomm warned that it may lose Apple as a customer for modem chips as Apple shifts to in-house solutions, which could impact over $5 billion in annual revenue [4][5] - The CEO stated that Qualcomm is no longer reliant on Apple for future growth and is focusing on expanding into non-mobile markets like automotive and IoT [5] - Revenue from non-Apple clients in the chip segment grew over 15% in Q3 [5] Regulatory and Trade Risks - Qualcomm faces potential risks from tariffs on semiconductor imports, as indicated by former President Trump's threats to impose tariffs that could disrupt supply chains and harm revenue [7][6] - The U.S. Commerce Department is expected to announce findings from a national security investigation into semiconductor imports, which could lead to tariffs as high as 25% to 100% [7][8] - Analysts warn that the optimistic market expectations regarding tariffs may be overly idealistic, with actual rates potentially being more incremental [7]

上述关键驱动因素包含基带芯片、收发器和相关PMIC，至于成本节约：预期由苹果的5G解决方案 驱动，每装置可省下10美元。 iPhone 16e 内部芯片关键在处理器、Cellular network、电源管理，后二者相关芯片「内部价值比 重」：分别上升到63%和50%，并预期iPhone 17：可能会采用相同的Cellular解决方案。 法人则分析，若按照苹果iPhone 16e 出货规模今年可达到2200万支来看，至少可省下2.2亿美元。 若后续更多iPhone导入，按照一年2亿支规模来看，基带芯片初估就可省下成本达20亿美元（相当 于新台币650亿元），相当可观。但苹果和高通还有合约限制，业界预期苹果自研新款芯片将采逐 步推进导入手机。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体行业观察综合 ，谢谢。 苹果自推动Apple silicon长期计画以来持续扩张自行研发芯片的路线，其中备受外界讨论多时耕 耘多年5G Modem芯片C1先前已正式浮上台面，一般预料持续由伙伴台积电（2330）操刀，究竟 苹果自研芯片效益如何，研究机构最新分析也解密。 counterpoint Research ...

Core Insights - Apple is expanding its self-developed chip strategy, particularly with the introduction of its 5G modem chip, C1, which is expected to enhance cost efficiency and performance in its devices [1][5][13]. Cost Analysis - The Bill of Materials (BoM) cost for the iPhone 16e shows that internally developed components account for 40% of the total cost, driven by the baseband chip, transceiver, and related PMIC [1]. - The expected cost savings from Apple's 5G solution is approximately $10 per device, leading to a potential savings of $2.2 million if the iPhone 16e shipment reaches 22 million units this year [1][2]. Market Impact - If more iPhones adopt the self-developed modem, estimated savings could reach $2 billion annually based on a shipment scale of 200 million units [2]. - Apple is a major client of TSMC, which has seen its revenue from advanced processes (7nm and below) exceed 70%, indicating strong demand for Apple's chips [2]. Chip Development - The Apple C1 modem, developed after acquiring Intel's modem division, represents a significant shift in Apple's strategy to reduce reliance on Qualcomm [5][13]. - The C1 modem utilizes a 4nm process, which is more advanced than Intel's previous 14nm technology, resulting in a higher integration density and improved performance [18]. Competitive Landscape - The modem market is dominated by a few players, including Qualcomm, MediaTek, and Unisoc, with Apple now entering the fray with its proprietary solutions [4][5]. - Future iPhone models are expected to continue integrating Apple's own chips, including potential successors to the C1 modem [20].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体行业观察综合 ，谢谢。 苹果自推动Apple silicon长期计画以来持续扩张自行研发芯片的路线，其中备受外界讨论多时耕 耘多年5G Modem芯片C1先前已正式浮上台面，一般预料持续由伙伴台积电（2330）操刀，究竟 苹果自研芯片效益如何，研究机构最新分析也解密。 iPhone 调制解调器的演变 法人则分析，若按照苹果iPhone 16e 出货规模今年可达到2200万支来看，至少可省下2.2亿美元。 若后续更多iPhone导入，按照一年2亿支规模来看，基带芯片初估就可省下成本达20亿美元（相当 于新台币650亿元），相当可观。但苹果和高通还有合约限制，业界预期苹果自研新款芯片将采逐 步推进导入手机。 苹果是台积电大客户，也是台积电先进制程最大出海口。台积电7纳米以下先进制程营收占比已突 破七成，达到73%，今年首季7纳米出货占15%，5纳米36%，3纳米为22%，先进制程持续扮演获 利的引擎。台积电加码美国千亿美元投资，预估专案投资到位后，估三成2纳米以下先进制程产能 将在亚利桑那厂生产，支援客户包含苹果、英伟达、超微、高通与博通等需求。 深挖 ...

Core Viewpoint - Apple is expanding its self-developed chip strategy, particularly with the introduction of its 5G modem chip, C1, which is expected to significantly reduce costs and enhance its competitive position in the smartphone market [1][2]. Group 1: Cost Analysis and Savings - The Bill of Materials (BoM) cost for the iPhone 16e shows that Apple's internal development accounts for 40% of the total component cost, driven by the baseband chip, transceiver, and related PMIC [1]. - Each device utilizing Apple's 5G solution is projected to save approximately $10, leading to an estimated total savings of $220 million if the iPhone 16e ships 22 million units this year [2]. - If Apple scales up to 200 million units annually, the cost savings from the baseband chip alone could reach $2 billion, equivalent to approximately 65 billion New Taiwan Dollars [2]. Group 2: Chip Development and Technology - Apple has transitioned from using Qualcomm's chips to its own C1 modem in the iPhone 16e, marking a significant shift in its supply chain strategy [5][20]. - The C1 modem is built on TSMC's 4nm process, which offers a substantial increase in integration density compared to Intel's previous 14nm technology, making the C1's circuitry approximately 2.5 to 3 times larger than Intel's last modem [18]. - The C1 modem incorporates advanced features such as a MEMS oscillator instead of a crystal oscillator, showcasing Apple's innovation in chip design [9]. Group 3: Market Position and Future Prospects - Apple is a major client of TSMC, which has seen its revenue from advanced processes (7nm and below) exceed 70%, indicating strong demand for cutting-edge semiconductor technology [2]. - TSMC's investment in the U.S. is expected to bolster its capacity for producing advanced chips, with 30% of its sub-2nm capacity projected to be manufactured in Arizona, supporting clients like Apple, NVIDIA, and Qualcomm [2]. - The introduction of the C1 modem is part of Apple's broader strategy to develop proprietary chips for various functions, including Wi-Fi and Bluetooth, indicating a long-term vision for self-sufficiency in critical components [21].

来源：内容 编译自 eetjp。 如今，许多电子设备最关键的部件是无线通信芯片（和芯片组）。如果没有通信芯片，您就无法使 用社交媒体或浏览网页。越来越多的车载设备并不在设备本身上存储数据，而是通过通信来处理地 图和音乐。尤其是智能手机，它由许多无线通信设备组成。 Wi-Fi、蓝牙、NFC（近场通信）早已 成为我们日常生活中必不可少的元素，4G、5G已成为广域数据通信的社会基础设施的一部分。 如果您希望可以时常见面，欢迎标星收藏哦~ "C1"调制解调器的起源 其中一个必需品是用于广域数据通信的终端调制解调器，但为其提供芯片的公司并不多，只有少数 公司将其出售给公众。这三家公司分别是美国高通、台湾联发科和中国的紫光展锐。华为和三星电 子也拥有5G调制解调器，但并不向公众出售，仅用于自己的产品中。就三星电子而言，其还为"谷 歌Pixel"系列提供芯片。苹果通过更换调制解调器芯片组供应商，从英飞凌科技（以下简称"英飞 凌"）到英特尔、再到高通，继续为 iPhone 和 iPad 提供内置调制解调器。 iPhone 调制解调器的演变 从 2020 年款"iPhone 12"开始，苹果一直在使用高通芯片组，这是苹果首款配 ...

Core Viewpoint - The article discusses the evolution of modem chips in iPhones, highlighting Apple's transition from Qualcomm to its own Apple C1 modem for the iPhone 16e, and the implications for the semiconductor industry [1][3][18]. Group 1: Modem Chip Evolution - Apple has been using Qualcomm's modem chips since the iPhone 12, with the upcoming iPhone 16/16 Pro set to use Qualcomm's Snapdragon X71 modem [3][18]. - The iPhone 16e, scheduled for release in February 2025, will feature Apple's own 5G modem, the Apple C1, marking a significant shift in Apple's supply chain strategy [3][18]. Group 2: Technical Specifications - The Apple C1 modem is developed from technology acquired from Intel's modem division, which Apple purchased in 2019 [11][14]. - The C1 modem utilizes a 4nm manufacturing process, which is more advanced than the 5nm process used by Qualcomm for its modems [19][20]. Group 3: Internal Structure and Components - The internal structure of the iPhone 16e includes a unique configuration with three Apple-branded chips, including a digital baseband, RF transceiver, and power management IC [8][19]. - The iPhone 16e's camera system and battery design are optimized for performance, with a single camera unit allowing for a larger battery capacity [5][6]. Group 4: Industry Implications - Apple's move to develop its own modem chips indicates a trend towards vertical integration in the semiconductor industry, potentially impacting suppliers like Qualcomm and MediaTek [1][3][18]. - The article suggests that Apple is likely to continue developing its modem technology, with future iterations (C2 and C3) expected in subsequent iPhone models [18].