Asian Tech QCOM and ARM earnings takeaways

研报英文原文证据摘录

Asian Tech QCOM and ARM earnings takeaways

J P M O R G A N Asia Pacific Equity Research

30 July 2026

Asian Tech

QCOM and ARM earnings takeaways

Following QCOM and ARM earnings call held today, our key read-through for the Technology and Telecoms

ACAsia supply chain is as follows: Gokul Hariharan

(852) 2800-8564

• QCOM expects China handset to have bottomed in the Jun Q, with gokul.hariharan@jpmorgan.com

double‑digit sequential growth for the Sep Q: Management attributes the J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

recovery to channel inventory depletion rather than a genuine demand Morgan Broking (Hong Kong) Limited

rebound, and expects the smartphone market to decline in the low teens YoY Jennifer Hsieh

in 2026. This is broadly in line with our view (JPMe global smartphone (886-2) 2725-9868

jennifer.hsieh@jpmorgan.com

shipments down 11% YoY in 2026). However, other parts of the supply chain J.P. Morgan Securities (Taiwan) Limited

saw some pull‑in activity in 1H26 in anticipation of further memory price David Chou

increases, and thus demand could deteriorate further into 2H of the year. (886-2) 2725-9618

• QCOM sees de‑speccing underway; ARM highlights demand downside david.chou@jpmorgan.comJ.P. Morgan Securities (Taiwan) Limited

extending to mid‑range to high‑end smartphones: QCOM sees some OEMs

Jason Chen choosing lower‑tier chips or prior‑generation silicon within premium models

(886-2) 2725-9864

—a direct response to rising memory‑driven BOM pressure. ARM also jason.bh.chen@jpmorgan.com

highlighted demand downside in mid-range to high-end smartphones instead J.P. Morgan Securities (Taiwan) Limited

of its prior expectation of mainly low-end phones. We remain cautious on Subham Singhania

consumer/smartphone names such as Xiaomi. (91-22) 6157-3801