Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

<ul><li>Sorry about the coy title. Today's idea is Qualcomm. I think there’s a confluence of reasons that Qualcomm should lead to some short-term share gains and outsized share performance.</li><li>What tipped me off is that Amon Cristiano and the entire executive team shifted their compensation a bit earlier than the typical December granting cadence.</li><li>They usually report earnings in early November, so I wondered what could make them want to take shares before earnings instead of after. After about 20 minutes of searching, I found a pretty easy reason.</li></ul>

Sorry about the coy title. Today's idea is Qualcomm. I think there’s a confluence of reasons that Qualcomm should lead to some short-term share gains and outsized share performance.What tipped me off is that Amon Cristiano and the entire executive team shifted their compensation a bit earlier than the typical December granting cadence.They usually report earnings in early November, so I wondered what could make them want to take shares before earnings instead of after. After about 20 minutes of searching, I found a pretty easy reason.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Qualcomm Inc. reported financial results for the third quarter of fiscal 2024, demonstrating significant achievements and facing certain market challenges.</li><li>The company's non-GAAP revenue reached $9.4 billion, with earnings per share (EPS) of $2.33, surpassing the midpoint of their guidance.</li><li>The core driver of this performance was their chipset business, generating revenues of $8.1 billion, underscored by sequential growth in the automotive and IoT sectors and consistent demand for Snapdragon mobile platforms across leading smartphones.</li></ul>

Qualcomm Inc. reported financial results for the third quarter of fiscal 2024, demonstrating significant achievements and facing certain market challenges.The company's non-GAAP revenue reached $9.4 billion, with earnings per share (EPS) of $2.33, surpassing the midpoint of their guidance.The core driver of this performance was their chipset business, generating revenues of $8.1 billion, underscored by sequential growth in the automotive and IoT sectors and consistent demand for Snapdragon mobile platforms across leading smartphones.

Qualcomm Incorporated: Achieving Growth Through Internet of Things (IoT) & Diversification Strategy! - Major Drivers

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>The company’s annual revenue was $35,820 million in 2023 compared to $44,200 million in 2022, seeing a decrease of 18.96%.</li><li>We estimate that for FY2024 the annual revenue will range at around $37,671 million and for 2025 at around $39,934 million.</li><li>Gross profit for FY2023 was $19,951 million, decreased by 21.96% compared to $25,565 million for the corresponding period of 2022. </li></ul>

The company’s annual revenue was $35,820 million in 2023 compared to $44,200 million in 2022, seeing a decrease of 18.96%.We estimate that for FY2024 the annual revenue will range at around $37,671 million and for 2025 at around $39,934 million.Gross profit for FY2023 was $19,951 million, decreased by 21.96% compared to $25,565 million for the corresponding period of 2022. 

QUALCOMM INC. - Equity Research Flash Note

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Automotive revenues for Q1CY24 amounted to $603 million, up 35% YoY. This compares to MobilEye's revenue of $239 million, down 48% YoY</li>
<li>Automotive design-win pipeline is now $45 billion, up from $30 billion less than two years ago</li>
<li>CEO Amon said "Every time we enter a new market, we end up building a very strong position". That's a shot across the bows for Intel and AMD...</li>
</ul>


Automotive revenues for Q1CY24 amounted to $603 million, up 35% YoY. This compares to MobilEye's revenue of $239 million, down 48% YoY
Automotive design-win pipeline is now $45 billion, up from $30 billion less than two years ago
CEO Amon said "Every time we enter a new market, we end up building a very strong position". That's a shot across the bows for Intel and AMD...


<ul>
<li>Microsoft last week launched their CoPilot+ PC category which enables their CoPilot to run locally on your PC, as long as it has an NPU with &gt;40 TOPS</li>
<li>With Qualcomm being the only one currently offering such an NPU, their Snapdragon processors will be powering the first wave of CoPilot+ PC's</li>
<li>It's an extraordinary accomplishment for Qualcomm &amp; likely an inflection point for Arm powered PCs. It's also really bad news for Intel and not great for AMD</li>
</ul>


Microsoft last week launched their CoPilot+ PC category which enables their CoPilot to run locally on your PC, as long as it has an NPU with &gt;40 TOPS
With Qualcomm being the only one currently offering such an NPU, their Snapdragon processors will be powering the first wave of CoPilot+ PC's
It's an extraordinary accomplishment for Qualcomm &amp; likely an inflection point for Arm powered PCs. It's also really bad news for Intel and not great for AMD


Qualcomm Leapfrogs Intel & AMD To Power The First Microsoft CoPilot + PCs

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

Idea in Smartphones

Sorry about the coy title. Today's idea is Qualcomm. I think there’s a confluence of reasons that Qualcomm should lead to some short-term share...

Fabricated Knowledge

Qualcomm Incorporated: Achieving Growth Through Internet of Things (IoT) & Diversification Strategy! - Major Drivers

Qualcomm Inc. reported financial results for the third quarter of fiscal 2024, demonstrating significant achievements and facing certain market...

Baptista Research

QUALCOMM INC. - Equity Research Flash Note

The company’s annual revenue was $35,820 million in 2023 compared to $44,200 million in 2022, seeing a decrease of 18.96%.

VRS (Valuation & Research Specialists)

Qualcomm. Watch This Space...

Automotive revenues for Q1CY24 of 603 million, +35% YoY. Automotive design-win pipeline is now $45 billion, up from $30 billion less than two years...

William Keating

Qualcomm Leapfrogs Intel & AMD To Power The First Microsoft CoPilot + PCs

Microsoft launched CoPilot+ PC. It requires an NPU of >40 TOPS. Only Qualcomm has this, making them the sole supplier to Microsoft & leading OEMs...

William Keating

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