Qualcomm (QCOM) - Ten questions for the investor day tomorrow

研报英文原文证据摘录

Qualcomm (QCOM) - Ten questions for the investor day tomorrow

target market segment (presumably low-cost inference) and why Qualcomm has the right to

win in this space (e.g. IP, customer and supplier relationships etc especially as QCOM is a late entrant in most of these). We are

also curious as to the timeframe the company feels comfortable guiding to as a measure of visibility (i.e. 3 years to 2029? 5 to

2031?)

How does Qualcomm view the evolution of the handset market both in the short term (impact of memory-driven

headwinds) and over the longer-term? How does it see agentic AI, and an evolving customer-mix (Apple, Samsung)

impact the business? Despite the excitement about the Datacenter business, handsets are still the primary revenue stream for

Qualcomm (both chips and licensing) for now, and as such we wonder if the company will provide an update on how the see the

demand picture evolving in the short-term, following comments that they see the handset market bottoming in the September

quarter (which we believe brings some risk given current memory dynamics). Then there is Apple meaningfully rolling off starting

in F3Q and persistent worries about Samsung share. Longer-term however the company sounded very optimistic about agentic

AI necessitating more powerful compute for handsets, and we wonder if management will provide a quantification of this

opportunity (e.g. content increases, penetration etc.)

What is the company's outlook in its licensing business from here? How does the Apple roll-off impact that business and

are there any implications for the contract renewal in April of next year? How is the relationship with Huawei evolving, and what

is the current status of negotiations?