Qualcomm CEO Cristiano Amon said something crucial in an interview with Reuters:
“We expect our non-handset business to fully replace Apple.”
What that really means is: the company has already written off Apple, a major customer.
Look at the numbers:
· The guidance for the new quarter (Q1 FY2027) already includes no revenue from Apple;
· In the quarter that just ended, handset chip revenue fell 26% year over year to $5.14 billion;
· Shares briefly fell about 9% in premarket trading on Thursday. By Reuters’ calculation, that wiped out about $17.5 billion in market value, and at least eight brokerages cut their price targets.
The company’s story is that design wins for FY2027 are up 70% year over year, its non-handset business is growing 60%, and automotive and data center are filling the hole Apple left behind.
Morgan Stanley’s take: it “lacks confidence” in this three-year AI chip ramp-up.
My view: the CEO is telling a new story about 2027, while the market is settling today’s old accounts. The impact of rising memory prices on handsets is happening now; whether the non-handset business can replace Apple is a question for two years from now. The real question is: what will support the share price in the meantime?
Do you believe this story? Leave one word: Believe / Don’t believe.
(Personal opinion only; not investment advice.)
#高通 #芯片 #USStocks
“We expect our non-handset business to fully replace Apple.”
What that really means is: the company has already written off Apple, a major customer.
Look at the numbers:
· The guidance for the new quarter (Q1 FY2027) already includes no revenue from Apple;
· In the quarter that just ended, handset chip revenue fell 26% year over year to $5.14 billion;
· Shares briefly fell about 9% in premarket trading on Thursday. By Reuters’ calculation, that wiped out about $17.5 billion in market value, and at least eight brokerages cut their price targets.
The company’s story is that design wins for FY2027 are up 70% year over year, its non-handset business is growing 60%, and automotive and data center are filling the hole Apple left behind.
Morgan Stanley’s take: it “lacks confidence” in this three-year AI chip ramp-up.
My view: the CEO is telling a new story about 2027, while the market is settling today’s old accounts. The impact of rising memory prices on handsets is happening now; whether the non-handset business can replace Apple is a question for two years from now. The real question is: what will support the share price in the meantime?
Do you believe this story? Leave one word: Believe / Don’t believe.
(Personal opinion only; not investment advice.)
#高通 #芯片 #USStocks