Forum Key Insights

Qualcomm – Growth Opportunities & 2023 Outlook

  • Public Equity
  • TMT
  • North America

Last month, Third Bridge Forum spoke to a former executive at Qualcomm Inc to discuss the company’s operating environment, stimulus benefits from CHIPS Act and 2023 outlook. Here are the need-to-know insights from that Interview:

  • The specialist said Qualcomm’s biggest threat as it looks towards Q4 2022 and beyond is MediaTek. Currently both companies hold 50% market revenue share in China.
  • They told us the handset market, although seeing some decline in demand and ASPs, will continue to be Qualcomm’s leading revenue driver.

“I think the overall incentives of the CHIPS Act are good for Qualcomm because as a fabless company what you really want is to have an excess of fab capacity.”

  • Qualcomm’s relationship with China is one of mutual benefit, according to the specialist. We heard that China used to account for roughly 50% of Qualcomm’s revenue. However, with the new export bans and controls, the specialist said Qualcomm has to walk a thin line between satisfying its biggest customer and appeasing the US government.
  • The specialist told us the largest near-term opportunity for Qualcomm from the CHIPS Act is collaboration with Intel. Due to Qualcomm working with Samsung and TSMC, Intel has an opportunity to be added to the mix and generate revenues through verticals, the specialist added. 

For more human insights on semiconductors, click on the transcripts below.

Related Transcripts

The information used in compiling this document has been obtained by Third Bridge from experts participating in Forum Interviews. Third Bridge does not warrant the accuracy of the information and has not independently verified it. It should not be regarded as a trade recommendation or form the basis of any investment decision.

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