Core Insights - Qualcomm has been selected by Samsung to provide the Snapdragon 8 Elite Mobile Platform for its Galaxy Z Fold7 devices, enhancing performance and AI capabilities [1] - The Snapdragon 8 Elite chipsets are gaining traction in the premium smartphone market, with several manufacturers adopting them [2] - Qualcomm's QCT segment revenues increased to $9.47 billion in Q1 from $8.03 billion year-over-year, with expectations of $27.7 billion in handset revenue for 2025, reflecting an 11.3% year-over-year growth [3] Market Dynamics - Healthy demand in the premium smartphone segment is driving growth for Qualcomm, but competition from low-cost manufacturers like MediaTek and Rockchip is impacting profitability [4] - Apple is moving towards in-house chip development, which is affecting Qualcomm's revenue growth, as Apple has replaced Qualcomm's RF modem in its latest iPhone [4] - Broadcom is also a competitor, leveraging strong relationships with OEMs to gain insights into customer requirements [5] Financial Performance - Qualcomm shares have declined by 20.2% over the past year, contrasting with the industry's growth of 18.1% [6] - The company's shares trade at a price/earnings ratio of 13.51, significantly lower than the industry average of 33.07 [8] - Earnings estimates for 2025 have decreased by 0.17% to $11.71 per share, while 2026 estimates have declined by 2.23% to $11.82 [9]

Core Viewpoint - The "Big and Beautiful" tax and spending bill passed by the U.S. House of Representatives may not yield the optimistic outcomes that Republicans envision, particularly regarding its impact on social safety nets and the economy [1][5]. Summary by Sections Tax and Spending Changes - The bill extends tax cuts for corporations and individuals initiated during Trump's first term in 2017, including tax exemptions for certain tip and overtime income, while also lowering corporate taxes [2]. - It represents a significant shift in U.S. spending priorities, with major cuts to social security programs like Medicaid and SNAP, and increased funding for tax cuts, defense, and immigration enforcement [2]. Impact on Social Safety Nets - The bill imposes stricter eligibility requirements for Medicaid, requiring individuals aged 19-64 to work at least 80 hours per month to qualify for insurance, which could severely limit access for many low-income individuals [3]. - The reduction in Medicaid funding and support for low-income families may lead to a diminished safety net, adversely affecting those who rely on these programs for basic healthcare and food assistance [3][4]. Economic Implications - The Congressional Budget Office estimates that the bill will increase the national debt by $3.3 trillion over the next decade, exacerbating the federal government's financial situation [5]. - There are concerns that tax cuts may not lead to immediate investment growth, as manufacturing jobs continue to decline and hiring in retail and services remains sluggish [5]. Societal Consequences - The reduction in social safety net spending could potentially lead to increased crime rates and a decline in birth rates, with the U.S. experiencing its lowest birth rate since 1979 [6]. - The bill reflects a traditional Republican economic policy approach, but its long-term effects on the economy and society may be profound and divisive [6].

Company Performance - Snap's stock closed at $9.12, reflecting a -2.15% change from the previous day, underperforming the S&P 500's 0.61% gain [1] - Over the past month, Snap's shares increased by 9.78%, outperforming the Computer and Technology sector's 5.6% gain and the S&P 500's 3.85% gain [1] Upcoming Earnings - Snap is expected to report an EPS of $0, indicating a 100% decrease from the same quarter last year [2] - Revenue is forecasted to be $1.34 billion, representing a 7.96% growth compared to the same quarter last year [2] Full Year Estimates - For the full year, earnings are projected at $0.25 per share, a -13.79% change from the previous year, while revenue is estimated at $5.82 billion, showing an +8.59% increase [3] Analyst Estimates - Recent changes in analyst estimates for Snap suggest a positive outlook on business operations and profit generation [4] - The Zacks Rank system indicates that upward revisions in estimates correlate with stock price performance [5] Valuation Metrics - Snap's Forward P/E ratio is 38.04, which is higher than the industry average of 28.96 [7] - The PEG ratio for Snap is 1.08, compared to the industry average of 2.22, indicating a more favorable growth expectation relative to its price [7] Industry Context - The Internet - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 62, placing it in the top 26% of over 250 industries [8]

We're so excited about our glasses coming next year. This has been uh an investment over 11 years at Snap. In fact, before Snapchat had a chat feature, we were building glasses because we've seen this huge opportunity to help people, you know, look up and experience the world and technology at the same time.I think people feel very torn today. They're spending seven hours a day looking down at screens. And there's such an opportunity to help people integrate technology into their lives rather than forcing t ...

How do you compete with the giants, all of whom are here when it comes to AI talent. Well, we've picked some really interesting places to invest when it comes to AI. One of the things that we've really focused on is image, video, and 3D generation where Snapchat has really differentiated as a camera with people making billions of snaps every day.And so, building our own image and video models, especially models that are small enough to run on device, is a real competitive advantage for us because it allows ...

Partnership will Boost Fan Experience in Venues Around the World, Beginning with World Aquatics Championships and Rugby Lions Tour this Summer NEW YORK, July 9, 2025 /PRNewswire/ -- Today, Snap Inc. (NYSE: SNAP), a social technology company, and RWS Global, the world's leader in live moments across sports and entertainment, announced a partnership that will enhance fan engagement at sporting events around the world. The relationship will formally bring together Snap's augmented reality lenses with RWS Globa ...

Core Viewpoint - Walmart is a well-managed company with a strong business outlook, but its current valuation is difficult to justify due to specific catalysts that may negatively impact its revenue and profits, such as reductions in SNAP benefits and the use of GLP-1 medications [1][19]. Group 1: SNAP Benefits Impact - Walmart is the largest beneficiary of SNAP benefits, accounting for approximately 25% of total SNAP spending, which affects around 42 million Americans annually [1]. - By 2034, SNAP benefits are projected to decrease by $183 billion, leading to an estimated loss of over $45 billion for Walmart, despite its annual revenue of nearly $700 billion [5]. - Changes in consumer behavior due to SNAP cuts may pressure Walmart's profitability, as customers may opt for cheaper, lower-margin food options [5]. Group 2: GLP-1 Medications Influence - The use of GLP-1 medications is expected to reduce calorie intake significantly, with women reducing intake by 864 to 987 calories and men by 722 to 798 calories daily [6]. - This reduction in food consumption could lead to decreased grocery spending and make dining out more appealing, potentially impacting Walmart's sales [6][8]. - However, some consumers may not change their shopping habits significantly, as food waste remains high in the U.S. [8]. Group 3: Valuation Concerns - Walmart's historical GAAP P/E ratio is as high as 42, significantly above competitors like Target (11.43) and Kroger (19.20) [10]. - Walmart's revenue growth is stagnating at 5.22%, with a low profit margin of 2.75%, raising concerns about its profitability compared to peers [11]. - Discounted cash flow analysis suggests Walmart's valuation is excessive, requiring a nearly 27% growth rate in free cash flow to justify its current price [13]. Group 4: Competitive Position and Dividend - Walmart's strong position in the retail sector makes it an attractive defensive stock, but its valuation around $100 is considered too high [15]. - The company has a solid dividend growth history, but its forward yield of only 0.96% does not compensate for valuation issues [17]. - Walmart's online business is growing, with a 20% increase in order volume, indicating potential for future profitability [18].

Group 1 - Qualcomm is diversifying its product suite to unlock new revenue opportunities and reduce vulnerability to the smartphone sector, focusing on advanced chipsets for AI PCs [1][8] - The Snapdragon X Elite and Snapdragon X Plus chips are gaining market traction, optimized for Copilot+PCs with advanced AI functionalities [2][4] - The AI PC market is projected to grow at a 42.8% compound annual growth rate from 2025 to 2034, benefiting Qualcomm's expanding chipset offerings [4] Group 2 - Qualcomm faces competition in the AI PC vertical from Intel and AMD, with Intel's Core Ultra 200V series and AMD's Ryzen AI Max processors gaining demand [5][6][8] - Qualcomm's shares have declined 23.9% over the past year, contrasting with the industry's growth of 14.8% [7] - The company's shares currently trade at a price/earnings ratio of 13.41, lower than the industry average of 33.07 [9]

每经记者｜黄辛旭 每经编辑｜裴健如 "中国市场的'舱驾一体'发展速度非常快，为什么会发生这样的现象？这会带来什么？"近日，高通技术公司产品管理副总裁Anshuman Saxena提出了他的思 考和观察。 简单来说，"舱驾一体"就是将原本独立的智能座舱和智能驾驶功能融合在一起，打通硬件和软件的壁垒，形成一个强大的"中央大脑"，统筹管理汽车的所有 智能功能。目前，蔚来、小鹏汽车、岚图、极氪、车联天下、德赛西威和Momenta等都在"舱驾一体"领域积极布局。 当"舱驾一体"成为智能汽车领域的新趋势，将会给行业带来怎样的改变？"汽车架构的演进正成为汽车行业变革的核心，原因是现在整个汽车产品线和电动 汽车架构都在从零开始加速创新，而中国正处于速度与创新的中心。"Anshuman Saxena认为，新一轮的汽车创新，始于电子电气架构的融合。 "舱驾一体"正成为行业趋势 过去，传统的汽车架构像一个由多个独立"小脑"组成的"分布式系统"，每个"小脑"负责一部分功能，例如仪表盘、导航、空调等。但现在，汽车架构正逐步 集中起来。 "随着整车电子电气架构慢慢从分布式向集中式发展，一些功能和产品形式也会慢慢出现集中式发展。目前主要有 ...

4 July 2025 Asia Quantitative Strategy GenAI in Asset Management - Top AI tools for investors (Part 2) Rupal Agarwal +65 6326 7641 rupal.agarwal@bernsteinsg.com Cheng Zhang, CFA, CQF +852 2123 2636 cheng.zhang@bernsteinsg.com In our last report, Gen AI in Asset Management - Top AI tools for investors, we covered key AI tools for research, portfolio management and workflow automation. Many investors reached out to get AI tools for technical analysis, stress-testing/scenario analysis, quant/ factor analysis, ...