• Qualcomm is like the Intel of the mobile world, designing the core chips that enable smartphones and other wireless devices to communicate and process data.
• They are also similar to Dolby Laboratories, in that they own and license the foundational patent portfolio for how modern wireless communication (like 4G and 5G) works, collecting royalties from device manufacturers.

• Integrated Circuits and System Software: Qualcomm develops and supplies integrated circuits and system software for wireless communication, networking, multimedia, and global positioning systems.
• Technology Licensing: Qualcomm licenses its extensive intellectual property portfolio, including patents for 3G, 4G, and 5G wireless standards, to manufacturers worldwide.
• Strategic Investments: Qualcomm invests in early-stage companies across various high-growth industries like 5G, AI, automotive, and IoT.
• Government Services: Qualcomm provides specialized development and related services and products to United States government agencies.

Qualcomm (QCOM) sells primarily to other companies (B2B). Its major customers are manufacturers of wireless products, particularly smartphones, who use Qualcomm's integrated circuits (chipsets) and license its intellectual property for mobile communication technologies.

Here are some of Qualcomm's major customers:

• Apple Inc. (Symbol: AAPL)
• Samsung Electronics Co., Ltd. (Symbol: 005930.KS)
• Xiaomi Corporation (Symbol: 1810.HK)

• Taiwan Semiconductor Manufacturing Company (TSM)
• Samsung Electronics (SSNLF)

Cristiano Amon – President and Chief Executive Officer

Cristiano Amon was appointed CEO of Qualcomm in June 2021, after nearly two decades within the company. Born in Campinas, Brazil, he earned a bachelor's degree in electrical engineering from Universidade Estadual de Campinas (UNICAMP). Before rejoining Qualcomm in 2004, Amon gained experience in diverse roles and companies globally. He served as Chief Technical Officer for Vésper, a wireless operator in Brazil, and held leadership positions at NEC, Ericsson, and Velocom. While with VeloCom, an investment firm, he was assigned to Vésper and helped turn the struggling telecom company profitable. During his tenure at Qualcomm, Amon has held various leadership roles, shaping the company's strategic direction. He spearheaded Qualcomm's 5G strategy and drove the expansion and diversification of the business into multiple industries, including automotive, computing, and IoT. He also oversaw successful mergers and acquisitions to enhance Qualcomm's capabilities. Amon is a member of the President's Export Council and serves on the board of directors for Adobe and Father Joe's Villages.

Akash Palkhiwala – Executive Vice President, Chief Financial Officer and Chief Operating Officer

Akash Palkhiwala is the Executive Vice President, Chief Financial Officer, and Chief Operating Officer at Qualcomm. He joined Qualcomm in 2001 and has held numerous finance leadership roles, including Treasurer, Financial Planning & Analysis, and Corporate Development, and has been part of the senior finance leadership team for over 15 years. Palkhiwala was promoted to CFO in September 2019 and assumed the additional role of Chief Operating Officer in January 2024. In his expanded COO role, he now oversees the global go-to-market organization, operations, and IT, in addition to his financial responsibilities. Before joining Qualcomm, he worked as an Analyst at KeyBank and as a Private Equity Analyst at Key Principal Partners. Palkhiwala holds an undergraduate degree in Mechanical Engineering from L.D. College of Engineering in India and an M.B.A. from the University of Maryland.

Alex Rogers – Executive Vice President and President, Qualcomm Technology Licensing (QTL) & Global Affairs

Alex Rogers is Executive Vice President and President of Qualcomm Technology Licensing (QTL) and Global Affairs, where he oversees both the company's licensing business and its global government affairs activities. He joined Qualcomm in 2001 and has held various leadership roles focusing on intellectual property and commercial litigation. Rogers was promoted to Senior Vice President in 2007, became head of Qualcomm's litigation function, and later served as Deputy General Counsel before transitioning to lead QTL. He also became head of Global Affairs in 2021, guiding Qualcomm's worldwide government affairs efforts and fostering strategic relationships. Prior to joining Qualcomm, Rogers was a partner at the law firm Gray, Cary, Ware & Friedenrich (now DLA Piper), specializing in intellectual property litigation for technology companies. He holds M.A. and B.A. degrees in English Literature and a J.D. from Georgetown University.

Durga Malladi – Executive Vice President and General Manager, Technology Planning, Edge Solutions & Data Center

Dr. Durga Malladi is Executive Vice President and General Manager, Technology Planning, Edge Solutions & Data Center, at Qualcomm Technologies, Inc. He joined Qualcomm as a Senior Engineer in 1998. His responsibilities include technology product management and IP roadmap planning across all Qualcomm Technologies businesses, encompassing Artificial Intelligence, Processors, Connectivity, Data Center, Multimedia, Software, and Developer Ecosystem. In prior roles, Malladi led wireless research in Qualcomm from 4G to 5G and was head of the systems department in Qualcomm Research, with responsibilities spanning system design, standardization, and prototype testbeds. He also drove the 5G Modem-RF technology roadmap across various segments. Malladi holds a B.Tech from the Indian Institute of Technology, Madras, and an M.S. and Ph.D. from UCLA. He is an IEEE Fellow and holds 851 USPTO granted patents. He serves on the CTIA Board of Directors and the AI Governance Alliance Steering Committee at the World Economic Forum.

The key risks to Qualcomm's business include the loss of major smartphone customers and increased competition, ongoing regulatory scrutiny and legal challenges to its patent licensing model, and geopolitical tensions coupled with its significant business concentration in China.

1. Loss of Major Smartphone Customers and Increased Competition

Qualcomm faces a significant structural risk from its largest customers developing in-house chipsets, leading to a projected loss of business. Apple is gradually transitioning to its own chips, which could eliminate an estimated $7 billion to $8 billion in annual revenue for Qualcomm as Apple makes a complete shift to in-house silicon. Similarly, Samsung is reportedly reducing Qualcomm's share of Galaxy smartphone chips, and other manufacturers like Xiaomi are increasing investments in in-house semiconductor design. This trend, combined with a maturing global smartphone market experiencing slower growth and potential declines in mobile phone volumes due to factors like rising memory costs, directly threatens Qualcomm's core Qualcomm CDMA Technologies (QCT) segment. Furthermore, Qualcomm faces intensifying competition in the premium smartphone chip business from rivals such as MediaTek and increasing competition in newer diversification areas like automotive computing chips from companies like Nvidia and Mobileye.

2. Regulatory Scrutiny and Legal Challenges to its Patent Licensing Model

Qualcomm's high-margin Qualcomm Technology Licensing (QTL) segment, which grants licenses to its extensive intellectual property portfolio, is consistently exposed to regulatory and legal challenges. The company's licensing practices, particularly concerning its Fair, Reasonable, and Non-Discriminatory (FRAND) obligations, have faced antitrust investigations and private litigation across various jurisdictions including the European Union, the United States (from the Federal Trade Commission), the UK, and Canada. A notable class action lawsuit in the UK alleges that Qualcomm abused its dominant market position by calculating royalties based on the total value of a handset rather than specific components, leading to excessive and unfair fees for OEMs like Apple and Samsung. These ongoing disputes and the potential for renegotiation of licensing agreements pose a risk to the stability and profitability of this crucial segment.

3. Geopolitical Tensions and Business Concentration in China

Qualcomm's significant revenue concentration in China, which accounted for 46% of its revenue in fiscal 2025, exposes the company to geopolitical risks. Escalating U.S.-China trade and national security tensions can exacerbate these risks. A recent example is China's antitrust probe into Qualcomm's acquisition of the Israeli semiconductor company Autotalks, which caused a sharp drop in Qualcomm's share price and highlighted the potential for regulatory flare-ups in one of its most important markets. Critics also argue that Qualcomm's investments in certain Chinese firms and preferential licensing deals with Chinese smartphone makers could potentially undermine U.S. security interests and disadvantage American and allied manufacturers. Such scrutiny could lead to delays in obtaining licenses, exclusion from industry standards, and strained relationships with key Chinese clients, impacting Qualcomm's long-term development plans in the region.

The increasing trend of major smartphone manufacturers, such as Apple, developing their own integrated circuits (modems and application processors), thereby reducing their reliance on Qualcomm's components for their flagship devices.

Qualcomm (QCOM) operates in several significant addressable markets for its core products and services:

• 5G Smartphone Chips: The global 5G smartphone chip market, which includes Application Processors (APs), Baseband Chips, and RF Chips, was estimated at approximately $45 billion in 2023 and is projected to reach $80 billion by 2028. Additionally, the global 5G chipset market was estimated at USD 39.32 billion in 2023 and is expected to grow to USD 81.03 billion by 2028.
• Automotive (Snapdragon Digital Chassis): The total addressable market for automotive, encompassing cockpit and Advanced Driver-Assistance Systems (ADAS) applications, is projected to be approximately $100 billion globally by 2030.
• Internet of Things (IoT) Chips: The global IoT chips market size was valued at USD 685.88 billion in 2025 and is projected to grow to USD 2,023.82 billion by 2034. Another estimate values the global IoT chips market size at USD 619.14 billion in 2025, anticipated to reach approximately USD 2,391.84 billion by 2035.
• 5G Infrastructure: The global 5G infrastructure market size touched USD 25.69 billion in 2023, was predicted to reach USD 34.22 billion in 2024, and is anticipated to reach USD 590.18 billion by 2032. Another source states the market is expected to reach a valuation of USD 43.50 billion in 2025 and USD 675.9 billion by 2034.

Qualcomm (QCOM) is strategically expanding its technological reach beyond its traditional smartphone market, with several key drivers expected to fuel its revenue growth over the next 2-3 years:

1. Automotive Segment Expansion: Qualcomm's automotive business, powered by its Snapdragon Digital Chassis platform, is a significant growth engine. The company has consistently reported record automotive revenues, driven by increased adoption of its technologies in new vehicle launches for advanced features, driver-assistance systems, and autonomous driving. Qualcomm aims for its automotive revenues to reach $8 billion by fiscal year 2029.
2. Growth in the Internet of Things (IoT) Segment: The IoT segment is a crucial diversification area for Qualcomm, encompassing a wide range of applications across industrial, networking, smart glasses, and robotics. This segment has shown healthy year-over-year growth, with strong demand across consumer and networking products. Qualcomm projects its IoT revenue to exceed $14 billion by fiscal year 2029.
3. Expansion into AI PCs and Compute: Qualcomm is making a substantial push into the PC market with its Snapdragon X series chips, which integrate a Neural Processing Unit (NPU) to enable on-device artificial intelligence features. The company forecasts a significant increase in PCs equipped with these chips, targeting $4 billion in PC revenues by fiscal year 2029.
4. Continued Strength in 5G Licensing (QTL Segment): Qualcomm's Technology Licensing (QTL) segment, which generates revenue from its extensive portfolio of 5G patents, remains a highly profitable and stable revenue stream. As 5G technology continues to evolve and expand into new industries like automotive and IoT, it creates additional licensing opportunities for Qualcomm.
5. Entry into Data Centers and Advanced Robotics: Qualcomm is actively expanding its presence in the data center and advanced robotics markets. Through strategic initiatives and acquisitions, such as Alphawave Semi and Ventana Micro Systems, the company aims to provide custom solutions for hyperscale customers, anticipating a revenue opportunity of $5 billion to $7 billion from its data center strategy by 2027.

Share Repurchases

• Qualcomm announced a new $20.0 billion stock repurchase authorization in March 2026, adding to approximately $2.1 billion remaining from a November 2024 program.
• Between November 2024 and November 2025, Qualcomm repurchased over 50 million shares, totaling more than $7.76 billion in capital returned to shareholders.
• In fiscal year 2024, the company repurchased $4.12 billion worth of common stock.

Share Issuance

• Qualcomm's shares outstanding have generally declined over the past few years, with 1.07 billion shares outstanding as of March 2026.
• The number of shares outstanding decreased by 2.21% from 2024 to 2025 (1.105 billion in 2025 compared to 1.13 billion in 2024), and by 0.97% from 2022 to 2023.

Outbound Investments

• Qualcomm's Strategic Initiatives (QSI) segment focuses on investments in early-stage companies across emerging industries, including 5G, artificial intelligence, automotive, IoT, and extended reality.
• The acquisition of Nuvia in 2021 was a significant move aimed at facilitating Qualcomm's entry into the PC market.
• The company is actively pursuing diversification efforts beyond smartphones, specifically positioning itself in markets such as automotive, the Internet of Things, and artificial intelligence.

Capital Expenditures

• Qualcomm's capital expenditures were approximately $1.2 billion for fiscal year 2025.
• Expected capital expenditures for fiscal year 2026 are forecasted to be $1.725 billion.
• Historically, capital expenditures were $1.041 billion in FY2024, $1.450 billion in FY2023, and $2.262 billion in FY2022.