Core Viewpoint - Qualcomm is a leading technology company focused on developing and commercializing foundational technologies for the wireless industry, with a strong emphasis on integrated circuits and system software for various applications [2][3]. Company Overview - Qualcomm operates through three primary segments: QCT (Qualcomm Communications Technologies), QTL (Technology Licensing), and Strategic Initiatives [2]. - The QCT segment develops integrated circuits and software for mobile devices, automotive systems, and IoT devices, while the QTL segment focuses on licensing Qualcomm's extensive patent portfolio essential for wireless technologies like 5G [3]. Financial Performance - In its fiscal Q1 earnings, Qualcomm reported earnings of $3.50 per share, exceeding estimates by $0.10, and revenues of $12.25 billion, which is a 17% increase year-over-year [7][8]. - Despite beating expectations, the stock reacted negatively due to lowered Q2 guidance, with revenue estimates revised down by $600 million to $10.6 billion [8][9]. - The automotive segment achieved record revenue of over $1 billion, up 14.6% year-over-year, while IoT revenue grew 9% year-over-year [10][11]. Market Position and Competition - Qualcomm faces competition from companies like Broadcom, ARM Holdings, Nvidia, Intel, and AMD, which provide various semiconductor products [4][5]. - The company maintains a strong market share in Apple's iPhone lineup, expected to be around 70%, despite potential future losses from Apple's own modem technologies [12][16]. Strategic Focus - Qualcomm's strategic focus on artificial intelligence enhances its position in delivering high-performance, low-power solutions across various industries, including data centers [6][11]. - The acquisition of Alpha Wave aims to bolster Qualcomm's capabilities in data centers and AI infrastructure [12]. Valuation Metrics - Qualcomm's stock is trading below its historical 5-year PE ratio of approximately 14.55%, with a current PE of less than 13 times, indicating potential value for institutional investors [13][15]. - Forward revenue growth is projected at only 4.3%, below the historical average of over 11%, while EBITDA growth is expected to exceed 9% [14]. Risks and Challenges - The company faces challenges in the handset market, particularly due to reliance on the cyclical mobile phone market and potential revenue losses from Apple [15][16]. - Licensing revenue is projected to decline, with guidance for fiscal Q2 set between $1.2 billion and $1.4 billion, impacted by supply constraints [17][18]. Technical Analysis - Qualcomm's stock has shown a bearish trend, underperforming the S&P 500 and trading below its 200-day moving average [19][20]. - Despite the negative trend, there are signs of potential upside momentum as indicated by the weekly RSI and MACD [21][22]. Future Outlook - Qualcomm's diversification into automotive and IoT segments is expected to drive growth, offsetting potential losses from the handset market [23][24]. - The company's focus on energy-efficient AI chips and strategic acquisitions positions it well for future competitive advantages and shareholder returns [24].

Core Viewpoint - Wang Teng, the founder of Today Sleep Technology, has publicly switched to using an iPhone 17 for better compatibility with sleep monitoring devices, marking his first use of a non-Xiaomi phone since leaving the company in September 2025 [1] Group 1: Company Transition - Wang Teng previously served as the General Manager of Xiaomi's China Marketing Department and General Manager of the REDMI brand before founding Today Sleep Technology [1] - The company, Today Sleep Technology, was established in January 2026 and has completed seed round financing of several million yuan [1] Group 2: Product and Market Insights - Wang Teng highlighted that sleep is a complex system requiring multifaceted improvements, sharing his sleep data from the past six months [1] - The switch to iPhone 17 was specifically due to better adaptation with sleep monitoring devices such as Whoop, Oura, and Eight Sleep [1]

2026 年 2 月 20 日，「王腾回应换 iPhone 17」冲上微博科技热搜第一，引发广泛讨论。 此前，网友发现王腾的微博小尾巴从 Redmi K90 Pro Max 变成了 iPhone 17 。 他目前专注于睡眠健康领域创业，日常需要用到 Whoop、Oura、Eight Sleep 等专业睡眠监测设备， 这些硬 件在 iPhone 上的生态适配更成熟、数据更稳定 ，为了保证工作效率，只能优先选择体验更适配的设备。 如今王腾已创业并完成数千万元种子轮融资，团队背景多来自头部手机厂商。他也表示，只是理性选择工具， 不必过度解读。 不少网友表示认同： 职场人只看实用，情怀不能当生产力。 也有老米粉感慨，曾经的 Redmi 掌舵人用上苹 果，还是难免有些唏嘘。 （参考：微博、梨视频，本文经由 AI 优化） 作为前小米、Redmi 品牌核心高管，他在离职近半年里，一直坚持使用小米系手机，这次突然换苹果， 有网 友直呼"爷青结"。 面对舆论，王腾很快给出回应，大意是： 换机并非不支持国产，完全是为了工作。 ...

2026年丙午马年春节，节日的喜庆氛围与自贸港的政策红利在海岛交融，会产生怎样的化学反应？ 近日，上海证券报记者在三亚、海口等城市实地探访发现，各大免税店内人气十足，新春活动精彩纷呈，免税消费热度不 断升温。 cdf三亚国际免税城内，市民游客在观看舞蹈表演。记者黎灵希摄 "挤"出新年味 苹果销售人员不断提醒游客，今年春节期间离岛游客每人仅能购买一部苹果手机。 在周大福、六福珠宝等门店内，多个黄金首饰柜台被围得水泄不通。记者在六福珠宝门店内看到，黄金戒指等产品的展示 区域已经清空大半。"这些都卖完了，没货摆了。"六福珠宝店内工作人员一边整理着剩余样品，一边对记者说。 正月初三（2月19日）上午9时，距免税店开门营业还有半小时，不少市民游客已在cdf三亚国际免税城门口驻足等待。 2月19日上午，消费者在等待cdf三亚国际免税城营业。记者黎灵希摄 与往年一样，许多消费者在免税店开门后直奔苹果销售店，询问iPhone 17等产品的最新优惠价格。为缓解柜台压力，店内 工作人员举着印有"扫码下单"字样的指示牌，引导消费者通过线上方式下单。 cdf三亚国际免税城苹果销售店。记者黎灵希摄 当日上午10点多，谢瑞麟最新金价刚出 ...

记者 吴卫群 马年新春买买买，这些"福利"可别忘了申领。记者昨天漫步商街时发现，"国补"即申即享、有奖发 票活动等新鲜出炉的促消费新政，为申城新春消费再添一把火。 "国补"推动销售 昨天10时许，地处五角场的苏宁易购客流已经不小。2月4日，上海市商务委等部门联合发布《上海 市2026年落实国家家电以旧换新、数码和智能产品购新补贴政策实施细则》，其中新增的"线下即时摇 号、即时告知结果"参与方式，成为激活春节数码家电消费的一把金钥匙。 "刚摇到手机补贴资格，马上就买了！"消费者陈女士向记者展示着刚刚到手、原价5999元的iPhone 17手机。她说，从打开云闪付App参与线下即时摇号，到中签后现场下单核销至高500元的"国补"，整 个过程不到半小时。 促消费新政带来的效果，在消费数据上得到了直接体现。上海苏宁易购相关负责人告诉记者，长假 以来，上海地区苏宁易购门店迎来了今年的销售"小高峰"，数码和智能产品成为增长最快的品类之一。 大年三十和年初一，上海苏宁易购手机、平板、智能手表手环销售额同比分别增长48%、71%和65%。 记者了解到，2月4日发布的"国补"新政，核心变化在于参与方式。除了传统的线上报名、定期 ...

And five things to know ahead of the opening bell. The US and Iran are set to hold a second round of talks over Iran's nuclear program today. Reports say President Trump's envoy Steve Witoff and his son-in-law Jared Kushner are expected to attend those talks in Switzerland.Starboard Value wants to shake up Trip Adviser. The activist now owns more than 9% of the company and reportedly plans to nominate a majority slate of Trip Advisors board. And the FT is reporting Danaher is nearing an almost10 billion dol ...

Apple (NASDAQ: AAPL) is posting strong growth these days. Revenue climbed 15.7% year over year in Q1 2026 (ended Dec. 27). Credit goes to robust demand for the iPhone 17 lineup. However, delayed updates to Siri and greater regulatory scrutiny are currently pressuring shares. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Should you buy ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [4][7]. Core Insights - In January 2026, the communication industry index increased by 5.47%, outperforming the Shanghai Composite Index (+3.76%), CSI 300 Index (+1.65%), Shenzhen Component Index (+5.03%), and ChiNext Index (+4.47%) [3][13]. - The capital expenditure of the four major North American cloud providers is expected to grow over 60% year-on-year, indicating a turning point for CPO commercialization applications [4][6]. - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [6][44]. - The three major telecom operators in China achieved a total telecom business revenue of 1.75 trillion yuan in 2025, a year-on-year increase of 0.7% [6][45]. Summary by Sections Market Review - The communication industry index rose by 5.47% in January 2026, outperforming major indices [3][13]. - Sub-sectors such as cables, other communication equipment, and system equipment saw increases of 19.70%, 10.72%, and 7.85% respectively [16]. Industry Tracking - The capital expenditure of North American cloud providers reached $126 billion in Q4 2025, a 62% year-on-year increase, with a forecast of over $660 billion for 2026 [24][25]. - AI applications are increasingly driving cloud business growth, with significant investments in AI infrastructure by major cloud providers [30][34]. Telecom Industry Insights - The telecom industry in China is experiencing stable growth, with a focus on new information infrastructure such as 5G and gigabit networks [45]. - The revenue from emerging businesses like cloud computing and big data reached 450.8 billion yuan in 2025, growing by 4.7% year-on-year [45]. Smartphone Market - Global smartphone shipments are projected to grow by 2% in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market [6][44]. - The latest AI smartphones feature advanced NPU chips with processing power between 60 to 200 TOPS, enhancing user experience through real-time interactions [6]. Investment Recommendations - The report suggests focusing on companies involved in optical devices, optical chips, optical modules, and AI smartphones, including Tianfu Communication, ZTE, and China Mobile [7].

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [4][7]. Core Insights - In January 2026, the communication industry index increased by 5.47%, outperforming the Shanghai Composite Index (+3.76%), CSI 300 Index (+1.65%), Shenzhen Component Index (+5.03%), and ChiNext Index (+4.47%) [3][13]. - The capital expenditure of the four major North American cloud providers is expected to grow significantly, with a projected increase of over 60% in 2026 [6][24]. - The procurement results for special optical cables by China Mobile indicate that eight manufacturers, including Tongding Interconnection and Yangtze Optical Fibre and Cable, have been selected, highlighting the focus on key sectors such as industrial manufacturing and digital government [6][7]. Summary by Sections Industry Performance - The communication industry index showed a strong performance in January 2026, with a 5.47% increase, outperforming major indices [3][13]. - Sub-sectors within the communication industry saw varied performance, with cable, other communication equipment, and system equipment rising by 19.70%, 10.72%, and 7.85% respectively [16]. Telecommunications Sector - In 2025, the telecommunications business revenue reached CNY 1.75 trillion, a year-on-year increase of 0.7% [6][45]. - By December 2025, 5G mobile phone users accounted for 65.9% of total mobile phone users, with a monthly data usage (DOU) of 23.04GB per user, reflecting a 17.0% year-on-year increase [6][45]. Cloud Infrastructure Investment - The combined capital expenditure of the four major North American cloud providers in Q4 2025 was USD 126 billion, marking a 62.0% year-on-year increase [24][25]. - For 2026, the total capital expenditure guidance for these providers exceeds USD 660 billion, with an expected growth of 61.0% [24][25]. AI and Smartphone Market - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [44]. - The global smartphone shipment is projected to grow by 2% in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market by 2025 [6][44]. Investment Recommendations - The report suggests focusing on companies involved in optical devices, optical chips, optical modules, and AI smartphones, including Tianfu Communication, ZTE, and China Mobile [7][6].

Core Viewpoint - The entry-level iPhone 16E, while offering good value, is not the best choice currently as the upcoming iPhone 17E is expected to provide significant upgrades, making it worth the wait for consumers [1]. Group 1: Product Comparison - The iPhone 16E was launched last year as Apple's most affordable model, featuring a 6.1-inch full-screen display and priced at $600. However, it lacks several practical features, including a dual-camera setup and MagSafe support, with limited charging capabilities [3]. - The previous iPhone SE series maintained a low price of $429, but the iPhone 17 standard model has increased to $829, leading to greater attention on the entry-level model's configuration upgrades [3]. - The iPhone 17E is anticipated to share core components with the iPhone 17, which could lower production costs and enhance the entry-level model's specifications, making it a more attractive option for cost-conscious consumers [4]. Group 2: Consumer Advice - For consumers seeking high value, it is recommended to wait for the iPhone 17E's release rather than purchasing the limited-feature iPhone 16E, as the new model may offer a more comprehensive user experience at a similar price point [4].