Qualcomm Incorporated (NASDAQ: QCOM) Computex 2024 Keynote Summary Industry Overview - Qualcomm is positioned as a leader in the personal computing industry, transitioning from a mobile-focused company to a connected computing company, emphasizing intelligent computing across various sectors [3][5][6]. Key Points and Arguments 1. **Snapdragon X Series and Copilot Plus**: Qualcomm's Snapdragon X series, in conjunction with Copilot Plus, is heralded as a significant advancement in personal computing, comparable to the impact of Windows 95 [7][8]. 2. **AI Integration**: The integration of AI capabilities into the Snapdragon X series is expected to redefine user interactions with PCs, enhancing productivity, creativity, and entertainment experiences [8][11]. 3. **Performance Metrics**: Snapdragon X Elite boasts a performance per watt that is 2.6 times superior to Apple's M3 and 5.4 times better than Core Ultra 7, highlighting its efficiency and power [21][37]. 4. **Battery Life**: The Snapdragon X Elite offers multi-day battery life, with metrics showing 60% longer video playback and 70% longer video calls compared to competitors [45][46]. 5. **Partnerships with Major OEMs**: Qualcomm has collaborated with leading OEMs such as Microsoft, HP, Dell, Acer, and ASUS to launch a range of devices powered by Snapdragon X Elite, showcasing a robust ecosystem [12][25][32][40][49]. 6. **Generative AI Revolution**: The keynote emphasized the transformative potential of generative AI in personal computing, with applications that enhance user experience and productivity [17][18]. 7. **Developer Opportunities**: The introduction of the Qualcomm AI hub for PCs provides developers with access to over 100 pre-optimized AI models, facilitating the creation of innovative applications [68][69]. Additional Important Content - **Recognition of Ecosystem**: Qualcomm acknowledges the importance of collaboration within the tech ecosystem to drive innovation, emphasizing that it is not solely the responsibility of one company [5][6]. - **Market Potential**: HP anticipates that AI PCs will represent up to 50% of their business within three years, indicating strong market confidence in this new category [59]. - **User Experience Enhancements**: The keynote highlighted various user experience improvements, including AI-powered features for video conferencing and content creation, which are expected to become standard in future devices [27][42][65]. - **Gaming and Mobile Integration**: Qualcomm's Snapdragon technology is also positioned to enhance gaming experiences, showcasing the versatility of the platform across different use cases [77]. This summary encapsulates the core themes and insights from Qualcomm's keynote at Computex 2024, reflecting the company's strategic direction and the anticipated impact of its new technologies on the personal computing landscape.

Ac更ces多sib资le v料ers加ion入 知识星球：水木调研纪要 关注公众号：水木纪要 Apple Inc. AI will drive the shift from smartphones to “IntelliPhones”; Reiterate top pick. M aintain Rating: BUY | PO: 230.00 USD | Price: 189.99 USD “IntelliPhones” the AI enabled upgrade is coming 2 9 May 2024 We view the upcoming AI enabled phones (IntelliPhones) to drive a multi-year upgrade Equity cycle similar to the step function improvement driven by the introduction of smartphones. We expect the adoption curve of AI phones to be faster than the adopt ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Accessible version BofA GPS: Global Proprietary Signals Not too hot, not too cold Global Proprietary Signals 3 1 May 2024 BofA Global Proprietary Signals is a compendium of 80+ proprietary indicators across different economies/ strategies/markets/asset classes that reflects the insights of BofA Global Research analysts. Unwarranted concerns Stagflation debates have resurfaced following a spate of downside surprises, but our Global Proprietary Signals continue to project a temper ...

Ac更ces多sib资le v料ers加ion入 知识星球：水木调研纪要 关注公众号：水木纪要 High Frequency Monitor Earnings save the day Equity markets fell last week despite Semis rally 2 7 May 2024 Global equities moderated -0.4% last week after rallying 7.0% in the preceding four Quant Strategy weeks. The US (0.0%) was flat while China retreated -4.7% after rallying 29% in four Global m r ee xo p pn o et r ch t tes ad. t i osT t nh r se o n og g fl o aeb ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Accessible version APAC Signal-to-Noise Implications of NVIDIA’s upbeat guidance for Asia supply chain Signal-to-Noise 2 6 May 2024 This week, we discuss what NVIDIA’s robust cloud AI outlook (see note) means for its supply chain in Asia, and Equity Strategy a few rating changes in Japan including upgrades of Murata and Daikin to Buy; downgrade of Rohm to U/P. Asia-Pacific NVIDIA’s upbeat results: implications for supply chain in Asia Chris Oberoi >> Head of APAC Research In Tai ...

Ac更ces多sib资le v料ers加ion入 知识星球：水木调研纪要 关注公众号：水木纪要 North American Precious Metals Weekly Global MM&S Conference: Intriguing precious metal slides. Spotlight on India. Price Objective Change Intriguing slides related to themes from our Conference 2 7 May 2024 Corrected On May 14-15, we held our 41st annual Global Metals, Mining & Steel (MM&S) Equity Conference, in Miami, FL. The conference hosted nearly 300 fund managers and 85 Americas Gold & Precious Metals issuers, most represented by their CEOs. We select t ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 FICC Research Commodities 29 May 2024 Energy Sigma Push and pull CORE In our balances, we assume OPEC+ partially rolls back voluntary adjustments over Q3 but would not be surprised if we get a rollover into H2 24. Either way, if country-level compliance Commodities Research improves, aggregate net exports from the group might not Amarpreet Singh +1 212 526 1672 increase materially in H2. amarpreet.x.singh@barclays.com BCI, US Oil markets have been oscillating in a tight range ov ...

Accessible version Equity Strategy - India BofA FAQs: Factors driving the rise of India 1. Could India benefit from shifting global supply chains? 3 1 May 2024 India is well positioned to scale manufacturing in select sectors like electronics, auto, Equity Strategy pharma and textiles in the next decade. The government support, increasing ease of I ndia doing business and improving labor laws would make India an ideal and reliable partner Equity Strategy/Fundamental Equity Research for companies who are loo ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Accessible version European Equity Strategy Lowering European versus global equities to underweight Better Euro area growth momentum and signs of a performance turnaround have led to optimism on 2 4 May 2024 Europe: after 15% underperformance versus global equities in little under a year, European equities have Equity Strategy begun to show signs of a performance turnaround in recent months. Europe’s relative performance is strongly Europe determined by two macro factors: (a) Eu ...

Summary of Japan Flow Update - FY23 Life Insurer Results Industry Overview - The report focuses on the life insurance industry in Japan, specifically analyzing the results of 11 major life insurers for FY23. Key Points and Arguments Investment Strategies - Life insurers reduced risk in H2 FY23 by decreasing holdings in Japanese Government Bonds (JGBs) and foreign bonds, while also shortening the duration of their investments [1][2] - There was a net selling trend in superlong bond investments, with average duration slightly shortened [2][10] - Demand for FX-hedged and unhedged foreign bonds is expected to remain weak due to high hedging costs and a historically weak Japanese Yen (JPY) [2][24] Performance of Securities - Securities in general accounts showed a slight downturn, particularly in domestic and overseas bonds, with unrealized losses in domestic bonds continuing [1][8] - Unrealized profits in domestic equities reached a four-year high, while unrealized profits in foreign bonds improved for the first time in four quarters [1][8] Foreign Bond Investment - Life insurers reduced foreign bond investments while maintaining a broadly unchanged duration [19] - FX hedging ratios decreased from 45% at the end of September 2023 to 42% at the end of March 2024, marking the lowest level since March 2008 [24] Emerging Market (EM) Investments - EM currency assets increased to JPY 1.9 trillion at the end of FY23, driven by an increase in Singapore Dollar (SGD) assets, although this was limited to a single company [3][38] - Life insurers are likely to refrain from aggressive investments in EM assets as long as US yields remain elevated [40] Interest Rate Risk Management - Hedging of interest rate risk in response to new regulations is largely complete, with investments required to neutralize interest rate sensitivity decreasing significantly [33] - Life insurers have been net buyers of superlong bonds in preparation for new regulations set to launch in April 2025 [33] Market Outlook - Superlong bonds are considered relatively attractive and may see dip-buying if interest rate volatility cools [15] - The average assumed investment yield for life insurers is around 1.8%, with many targeting 2% in their FY24 investment plans [15] Currency and Hedging Trends - The utilization of JPY interest rate derivatives indicates a greater concern about rising yields among life insurers [17] - FX hedging ratios for USD and AUD fell, while rising for EUR, reflecting a shift in hedging strategies [24][25] Additional Important Insights - Life insurers have sold off MXN and PLN assets and reduced exposure to CNY, indicating a cautious approach towards certain EM currencies [39] - The overall investment stance of Japanese life insurers is shifting towards a higher concentration in USD-denominated assets [40] This comprehensive analysis highlights the cautious investment strategies of Japanese life insurers in response to market conditions, regulatory changes, and currency fluctuations, indicating a significant shift in their asset allocation and risk management approaches.