So, you are asking, why I am against Qualcomm? Yes, I tend to be against them. The reason? I feel (well, know) that they are not always completely honest, and that is not good from investor point of view. It is not really that they are lying, but quite often they just give a wrong impression.
For years, they have been using "pro forma" accounting, and it hides some bad business decisions they have made.
Also, I don't know (officially) anything about IPR settlement between TI and Qualcomm, but let's say, I have been involved in some things (the people I talk to are not allowed to tell me), but I have got a feeling that TI is not going to pay ANY royalties to Qualcomm if they sell any CDMA or WCDMA chips (of course it is up to TI to prove that they can do it). I can imagine that, after all, TI invented the IC, and they have lots of IPR in that area.
Just another example is GSM. You can see suddenly GSM/GPRS chips in Qualcomm's roadmaps, a lot of them. Do you think Qualcomm is very strong in that area. No. GSM IPR is pretty much owned by companies like Ericsson, Motorola, Nokia and Siemens. Do you think those companies give it to Qualcomm for free? The same with WCDMA: DoCoMo, NEC, Panasonic, Nokia, Ericsson etc. have IPR there Qualcomm does not own. Do you think Qualcomm gets it for nothing?
Well, let's put it this way, my opinion is based on so called "weak signals", but I am getting a lot of them. But if I knew them officially, I would not be allowed to tell you them. |
