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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: Art Bechhoefer who wrote (195009)	7/31/2025 3:19:47 PM
From: matherandlowell	1 Recommendation Recommended By lml Read Replies (1) \| Respond to of 196781

Thank you for these thoughts, Art. It's hard for me to believe that a whole bunch of brokers or investment professionals are just now discovering that Apple might substitute its own modem for the modem on which they have based the iPhone franchise. Possible, I suppose, but unlikely. Illegal, but undetectable, manipulation is more likely in my mind. Let me ask you a quick question: let's say the Trump tariffs turn out to be legal and that they end up doing what President Trump hopes they will do. That would mean that the tariffs represent a very large increase in tax revenue. If more money is taken out of the economy by the taxes, reducing money supply, wouldn't interest rates need to come down to maintain the money supply? Even the continuation of the Trump tax reduction puts more money in the economy but the tariffs would likely remove more money than the tax bill puts in. It will require some real world equilibration with the Fed at the controls to see what happens with the tariffs. I assume that money supply will be monitored and appropriate adjustments made. Again, and this approaches being off topic, don't you see the tariffs as just a back door establishment of a flat tax? Just a regressive tax that everyone who buys anything needs to pay regardless of their income? The way President Trump is handling them allows him to influence political choices for other countries (i.e. Brazil and most recently Canada). He is using trade policy to leverage his political power on the world stage. Of course, the courts will need to weigh in on the legality of the president levying tariffs (a power the Constitution gives to the legislature) but he has already thought of that. j.

To: Art Bechhoefer who wrote (195009)	7/31/2025 3:32:47 PM
From: waitwatchwander	2 Recommendations Recommended By Dr. John Lance Bredvold Read Replies (2) \| Respond to of 196781

Has Qualcomm really stated that Apple chipsets are totally removed from their forecasts? I believe they've noted they have incorporated what's going down with Apple in their forecast but has that really been set at zero revenue for QCT? I remember a 20% share decline number a while back for Apple. They are likely now going beyond that level and I've yet to hear a new number for this measure out of Qualcomm. Analysts are surely all in on changes at Apple. Where they may not be as succinct is with Samsung and many of the items you mention. The new item that came from Amon this call was Qualcomm moving to 75% of units with Samsung. Last year they were touting 100% for the S25 series. 25% less for Samsung means 50 - 75M fewer Snapdragon chipsets. With release this fall, S26 and new iPhone chipset utilization is surely set now. The up trend in Q's smartphone chipsets has now peaked and who knows where their handset utilization and pricing bottom resides. Saving on this front have been driven by moving up on the features front. They also seemed to have been increasing their prices. All limited in value. Much on the handset front has been well worked todate. All shades of OmniTracs. Looking for excuses isn't a good investment strategy even if they may be based upon some form of reality.

To: Art Bechhoefer who wrote (195009)	8/1/2025 2:11:22 PM
From: lml	2 Recommendations Recommended By Jim Mullens opaj Respond to of 196781

Seems like more than a few analysts believe that Qualcomm guidance still includes a declining portion of modems for Apple. In fact, Qualcomm guidance for the current fiscal year ending Sept. 30 has zero dollars for sales to Apple (but still includes estimated royalty payments). For the coming fiscal year, Qualcomm will also value chip (i.e., modem) sales to Apple at zero. ... A large number of analysts, however, still believe loss of modem sales to Apple hasn't been accounted for in guidance or other future estimates. They're simply wrong, and it's having an impact on the price of QCOM. How is this possible, Art?