QCOM
Qualcomm, Inc.
stock NASDAQ

I like QCOM here. I think the market knows that Apple revenue will be gone soon (QCOM is planning for none in 2024).
I like their Samsung agreement and potential PC revenue stream. Their automotive deals are significant, along with IoT into the future.
I say you buy QCOM during the cyclical slump. I think Christiano is leading the company well.

All,
Have been following and holding Qualcomm for about 2 years now. I know that smartphones is a cyclical industry and is currently in a slump. Qualcomm still has high inventory issues and have guided another quarter of falling revenues and earnings.
Having said that, **Qualcomm's intrinsic value based on DCF is around $156**
https://valueinvesting.io/QCOM/valuation/dcf-growth-exit-5y
It is diversifying beyond smartphones and is aggressively pursuing automotive and IoT markets.
It also released a new chip that brings AI to smartphones. While the applications are limited to battery monitoring and camera improvements (hardware based) right now, they can easily move to other areas of enhancements.
Regarding loss of revenues from Apple, it will still take Apple 3-4 years to phase out existing devices that use Qualcomm chips. The 5 billion revenue Qualcomm gets from Apple will be covered by IoT + automotive by then.
Lastly, people can only delay buying a smartphone, not avoid it completely, especially buying high end phones. Which means once the slump is over, Qualcomm will make a very strong comeback.
Any thoughts? I want to buy more but would love to hear some critical arguments in the mean time.

QCOM finally getting some shine

I’m a lil QCOM slut

Time for cheaper chip (AI) stocks to rally!
#QCOM

Exit $QCOM with $3.80 profit

QCOM a monster move up-- now through it's 50sma

Closed $QCOM - hit profit target

Just wanted to say somebody is trying to buy 30k shares of QCOM premarket at 113.00

and QCOM

QCOM

# Today is Tuesday, the 30th of May
## Upcoming events for Tuesday, May 30th
- Stock splits:
- BTOG @ **1:30**
- CRNCY @ **1:2.121**
- HSEEF @ **1:75**
- TRMNF @ **1:3**
- Expected earnings:
ALAR, AMBA, API, ARBK, AROW, BEST, BNR, BOSC, BOX, BTCM, CARV, CGC, EMBK, ESLT, FANH, FRES, FRHC, FRLN, GLMD, GOTU, HCM, HPE, HPQ, HUIZ, IMBI, LVTX, MDWD, MLEC, MSN, NICK, NNDM, NOAH, NRSN, NTRB, NVIV, PW, QNCX, QTEK, RHE, SBSW, SKY, SPWH, STKH, TATT, TEDU, TGAN, TIGR, TNP, TRMR, TSP, UHAL, UHAL.B, WAVE, XBIT, YTRA, YY
- Ex-div:
ACT, AGNC, ARKR, AY, CCLDO, CCLDP, COLB, CSSEP, CSX, EA, EFSCP, FCNCA, FCNCO, FCNCP, JACK, LNKB, MARPS, MLAB, NWL, PFIS, POWI, POWWP, PTVE, QRTEP, RAND, SIGIP, SNY, SOHOB, SOHON, SOHOO, SQFTP, UCBIO
- Economic events and announcements:
- 3-Month Bill Auction (previous: 5.250%)
- 6-Month Bill Auction (previous: 5.170%)
- CB Consumer Confidence (consensus: 99.0, previous: 101.3)
- Dallas Fed Mfg Business Index (previous: -23.4)
- House Price Index (consensus: 0.2%, previous: 0.5%)
- House Price Index (consensus: 2.4%, previous: 4.0%)
- House Price Index (consensus: 393.0, previous: 394.8)
- S&P/CS HPI Composite - 20 n.s.a. (consensus: -1.6%, previous: 0.4%)
- S&P/CS HPI Composite - 20 n.s.a. (consensus: 0.4%, previous: 0.2%)
- S&P/CS HPI Composite - 20 s.a. (consensus: -0.4%, previous: 0.1%)
## Upcoming events for Wednesday, May 31st
- Stock splits:
- FRSB @ **105:100** (Payable date: 6/15/2023)
- Expected earnings:
AAME, AAP, AGFY, AI, AIRI, AMSC, ATTO, CAE, CD, CHWY, CPRI, CRDO, CRM, CRWD, DCI, DSGX, EH, EVAX, FRO, HOV, IREN, JWN, MINM, NCNO, NGL, NTAP, NTZ, OKTA, PHR, PPHP, PSTG, PVH, RSVR, SOL, TDCX, TUP, VEEV, VSCO
- Ex-div:
ACNB, ATLCP, BAFN, BGFV, BHFAL, BPOP, BPYPM, BPYPN, BPYPO, BPYPP, BRKR, CCNE, CRESY, DHIL, EBAY, EXPD, FF, FFBC, FGFPP, FNCB, FTAIM, FTAIN, FTAIO, FTAIP, GCMG, GGAL, GTLCL, HAYN, HQI, HWCPZ, IBKR, JBSS, LCNB, LFVN, MCRI, METC, MGEE, MKTW, MOFG, MVBF, NBTB, ONB, PANL, PFG, PINC, PRGS, PTEN, QCOM, RCKY, RMBI, SAFT, SSNC, STRRP, TCBIO, TRINL, TRMK, TSN, TW, UFPI, VIRT, WEN, ZEUS, ZIONL, ZIONO, ZIONP
- Economic events and announcements:
- 3-Month Bill Auction (previous: 5.250%)
- 6-Month Bill Auction (previous: 5.170%)
- CB Consumer Confidence (consensus: 99.0, previous: 101.3)
- Dallas Fed Mfg Business Index (previous: -23.4)
- House Price Index (consensus: 0.2%, previous: 0.5%)
- House Price Index (consensus: 2.4%, previous: 4.0%)
- House Price Index (consensus: 393.0, previous: 394.8)
- S&P/CS HPI Composite - 20 n.s.a. (consensus: -1.6%, previous: 0.4%)
- S&P/CS HPI Composite - 20 n.s.a. (consensus: 0.4%, previous: 0.2%)
- S&P/CS HPI Composite - 20 s.a. (consensus: -0.4%, previous: 0.1%)
## Upcoming events for Thursday, June 1st
- Expected earnings:
ACB, ACGN, AEG, ASAN, AVGO, BANX, BARK, BILI, CAL, CCEP, CDZI, CHPT, CONN, COO, DELL, DFFN, DG, DLTH, EGIO, ESOA, ESTC, EVLO, FIVE, GTH, GWRE, HGEN, HOTH, HRL, IBIO, IOT, ITI, LE, LFCR, LGL, LTCH, LULU, LVRO, M, MDB, MDRX, MITK, NX, PD, QSG, S, SIF, SPTN, TALS, TLYS, UFAB, UONE, UONEK, VMW, ZS, ZUMZ
- Ex-div:
AMNB, AROW, AUVIP, BOTJ, CHRW, CLRO, CVLG, EBC, FFIC, FRME, GBDC, HWKN, IGIC, JRSH, MBCN, MBWM, MLKN, NAVI, OBT, OTEX, PCH, PEBK, PEP, SLM, SLMBP, TILE, TRST, UFCS
- Economic events and announcements:
- 4-Week Bill Auction (previous: 5.750%)
- 8-Week Bill Auction (previous: 5.350%)
- ADP Nonfarm Employment Change (consensus: 170K, previous: 296K)
- Challenger Job Cuts (consensus: 227.2%, previous: 175.9%)
- Challenger Job Cuts (previous: 66.995K)
- Construction Spending (consensus: 0.1%, previous: 0.3%)
- Continuing Jobless Claims (consensus: 1,800K, previous: 1,794K)
- Crude Oil Imports (consensus: 0.432M, previous: -1.249M)
- Crude Oil Inventories (consensus: -1.101M, previous: -12.456M)
- Cushing Crude Oil Inventories (consensus: 0.772M, previous: 1.762M)
- Distillate Fuel Production (consensus: -0.026M, previous: 0.019M)
- EIA Refinery Crude Runs (previous: 0.079M)
- EIA Weekly Distillates Stocks (consensus: -0.118M, previous: -0.562M)
- EIA Weekly Refinery Utilization Rates (previous: -0.3%)
- FOMC Member Harker Speaks
- Fed's Balance Sheet (previous: 8,436B)
- Gasoline Inventories (consensus: -0.369M, previous: -2.053M)
- Gasoline Production (consensus: -0.060M, previous: 0.833M)
- Heating Oil Stockpiles (consensus: 0.009M, previous: 0.481M)
- ISM Manufacturing Employment (consensus: 48.5, previous: 50.2)
- ISM Manufacturing New Orders Index (consensus: 44.9, previous: 45.7)
- ISM Manufacturing PMI (consensus: 47.0, previous: 47.1)
- ISM Manufacturing Prices (consensus: 52.0, previous: 53.2)
- Initial Jobless Claims (consensus: 235K, previous: 229K)
- Jobless Claims 4-Week Avg. (previous: 231.75K)
- Manufacturing PMI (consensus: 50.2, previous: 48.5)
- Natural Gas Storage (consensus: 113B, previous: 96B)
- Nonfarm Productivity (consensus: -2.7%, previous: -2.7%)
- Reserve Balances with Federal Reserve Banks (previous: 3.251T)
- Unit Labor Costs (consensus: 6.3%, previous: 6.3%)
## Upcoming events for Friday, June 2nd
- Expected earnings:
ATEX, BBLG, CEI, DOOO, ENOB, FSEA, GMGI, HURC, IMMX, KRBP, LANV, NRBO, OP, PTIX, SNPX, VHC, YJ, YS, YVR, ZIVO
- Ex-div:
ADI, CASS, CBSH, CCBG, GAIN, HWC, MNRO, ULH, VBFC
- Economic events and announcements:
- Average Hourly Earnings (YoY) (consensus: 4.3%, previous: 4.4%)
- Average Hourly Earnings (consensus: 0.4%, previous: 0.5%)
- Average Weekly Hours (consensus: 34.4, previous: 34.4)
- CFTC Aluminium speculative net positions (previous: 6.4K)
- CFTC Copper speculative net positions (previous: -29.8K)
- CFTC Corn speculative net positions (previous: -62.3K)
- CFTC Crude Oil speculative net positions (previous: 193.1K)
- CFTC Gold speculative net positions (previous: 160.7K)
- CFTC Nasdaq 100 speculative net positions (previous: 14.5K)
- CFTC Natural Gas speculative net positions (previous: -112.3K)
- CFTC S&P 500 speculative net positions (previous: -404.3K)
- CFTC Silver speculative net positions (previous: 22.0K)
- CFTC Soybeans speculative net positions (previous: 29.2K)
- CFTC Wheat speculative net positions (previous: -86.3K)
- Government Payrolls (previous: 23.0K)
- Manufacturing Payrolls (consensus: 8K, previous: 11K)
- Nonfarm Payrolls (consensus: 180K, previous: 253K)
- Participation Rate (consensus: 62.5%, previous: 62.6%)
- Private Nonfarm Payrolls (consensus: 160K, previous: 230K)
- Total Vehicle Sales (previous: 15.91M)
- U.S. Baker Hughes Oil Rig Count (previous: 570)
- U.S. Baker Hughes Total Rig Count (previous: 711)
- U6 Unemployment Rate (consensus: 6.6%, previous: 6.6%)
- Unemployment Rate (consensus: 3.5%, previous: 3.4%)
^^^^2023-05-30

what about QCOM?

If this is all, I'd recommend you don't buy QCOM if you plan to ride the AI gravy train. While this feature seems nifty, it isn't sufficiently big enough to make a dent in their bottom line. Also, It won't increase their device sales. Technically, even the low-quality AI models' datasets are huge (10+ gigabytes), and pushing them to client devices doesn't make much sense.

Looks like QCOM needs some AI chips for better communication skills!

Well, “AI that runs on your device, not in the cloud” is reasonably clear, especially for B2B. But the scenario they envision may never come to pass.
If AI use explodes, the resource strain will be incredible. Using LLMs trained on a billion novels doesn’t make sense if you just need your AI to power your automotive system. So if the future is tailored AI and hybrid or device processing, QCOM could be set up nicely.

Come on QCOM, we believe in you! Don't make us switch to your classmate Snapdragon.

> If you're still awake after reading Akash's ellipses-stuffed quote
That's a big part of the problem. With forward-looking business in general, but especially with AI, if you can't communicate a clear product or vision or "200 time faster than our last chip"-type sentence, no one will pay attention to you.
Year to date QCOM has performed the worst, by a lot, of the major semi-companies... which means they have performed worse than sad Intel.
QCOM certainly is the only chip company "yet to pop", but at this point will anyone notice if they do something that should cause them to pop?

**Quick Summary:**

• Qualcomm is a semiconductor and services company famous for LTE and CDMA cell networks and putting Snapdragon chip sets in billions of Android devices.
• Qualcomm is betting the future of its business on so-called "on device" AI. This could be the future of AI processing.
• It is one of a diminishing number of AI plays that has [yet to pop.](https://finance.yahoo.com/quote/QCOM/chart/)
• Qualcomm's chips [lead in AI performance testing.](https://www.reuters.com/technology/qualcomm-nvidia-spar-top-spot-ai-chip-efficiency-tests-2023-04-05/)
• Qualcomm has AI-driven partnerships with Microsoft and other key players.


**Qualcomm's Thesis**

Qualcomm is poised to benefit from hybrid or "on device" AI, which will help AI scale by shifting processing from the cloud (hard to scale, expensive) to devices (cheaper, better privacy).

Qualcomm Technologies CFO Akash Palkhiwala explains:

*"From an AI perspective, our view is as large language models come into play, a lot of the inference is going to happen on the device rather than in the cloud…The cost is definitely way cheaper on the device side. If you can run a model, inference-wise, on the device…that’s a huge advantage for us…We have the opportunity to expand the capacity of this low-power engine \[developed for smartphones\] and apply it to large language models…That’s what creates an advantage for us going forward…It’s something that creates a competitive advantage for us across all edge devices.”*
*If you're still awake after reading Akash's ellipses-stuffed quote, further reading on this topic: Qualcomm runs Stable Diffusion on an Android.*

**Risk Factors**

• Qualcomm reported a 17% decline in phone chip sales last quarter. Yeah it's a very challenging macro environment for smartphone sales, but 17% is poor. The company's automotive chip business (which is crucial to its on-device AI strategy) grew by 20%, which eases the pain a bit.
• Total revenue was down by 18%, in line with analyst expectations but still poor.
• Qualcomm's core business is still smartphones. Apple's 5G chip and normalization of smartphone buying could be a tailwind for next year, but Qualcomm is still trying mightily to diversify beyond phones. Early returns appear to be just OK, not great.


**Verdict**
Qualcomm has some significant headwinds and recent earnings were poor. Yet much of that is related to short-term problems with global smartphone demand. The real question is can they grow beyond their core business? The explosion of interest in AI has significantly boosted this possibility. It's also somewhat likely that Qualcomm benefits from general market sentiment toward AI, given the outsized performance of AI-related companies, even those where AI is less central to the business model.

# Today is Monday, the 29th of May
## Upcoming events for Monday, May 29th
- Expected earnings:
ALPP, ARDS, ATNF, BBIG, CBIO, CGRN, CHAA, CUEN, EDTX, EVTV, FONR, FWBI, FXLV, GDC, GGE, GRI, GROW, GWAV, HEPA, HTHT, INTG, JT, LATG, MCLD, MGTA, MMV, MOBQ, MYMD, PAC, PLUR, POL, PTE, QIWI, RIDE, RMED, RNAZ, SBEV, SDA, SGML, SOBR, STET, TENX, TPHS, TURN, UAMY, VERY, VVOS, XCUR
- Economic events and announcements:
- Dallas Fed PCE (previous: 3.40%)
- United States - Memorial Day
## Upcoming events for Tuesday, May 30th
- Stock splits:
- CRNCY @ **1:2.121**
- Expected earnings:
ALAR, AMBA, API, ARBK, AROW, BEST, BNR, BOSC, BOX, CARV, EMBK, ESLT, FANH, FRES, FRHC, FRLN, FRO, GLMD, GOTU, HCM, HPE, HPQ, HUIZ, IMBI, LVTX, MDWD, MSN, NICK, NNDM, NOAH, NRSN, NTRB, NVIV, PW, QNCX, QTEK, RHE, SBSW, SKY, SPWH, STKH, TATT, TEDU, TESS, TGAN, TIGR, TNP, TRMR, TSP, UHAL, UHAL.B, WAVE, XBIT, YTRA, YY
- Ex-div:
ACT, AGNC, ARKR, AY, CCLDO, CCLDP, COLB, CSSEP, CSX, EA, EFSCP, FCNCA, FCNCO, FCNCP, JACK, LNKB, MARPS, MLAB, NWL, PFIS, POWI, POWWP, PTVE, QRTEP, RAND, SIGIP, SNY, SOHOB, SOHON, SOHOO, SQFTP, UCBIO
- Economic events and announcements:
- 3-Month Bill Auction (previous: 5.250%)
- 6-Month Bill Auction (previous: 5.170%)
- CB Consumer Confidence (consensus: 99.0, previous: 101.3)
- Dallas Fed Mfg Business Index (previous: -23.4)
- House Price Index (consensus: 0.2%, previous: 0.5%)
- House Price Index (consensus: 2.4%, previous: 4.0%)
- House Price Index (consensus: 393.0, previous: 394.8)
- S&P/CS HPI Composite - 20 n.s.a. (consensus: -1.6%, previous: 0.4%)
- S&P/CS HPI Composite - 20 n.s.a. (consensus: 0.4%, previous: 0.2%)
- S&P/CS HPI Composite - 20 s.a. (consensus: -0.4%, previous: 0.1%)
## Upcoming events for Wednesday, May 31st
- Stock splits:
- FRSB @ **105:100** (Payable date: 6/15/2023)
- Expected earnings:
AAME, AAP, AGFY, AI, AIRI, AMSC, ATTO, CAE, CD, CHWY, CPRI, CRDO, CRM, CRWD, DCI, DSGX, EH, EVAX, HOV, IREN, JWN, MINM, NCNO, NGL, NTAP, NTZ, NVOS, OKTA, PHR, PPHP, PSTG, PVH, RSVR, SOL, TDCX, TUP, VEEV, VSCO
- Ex-div:
ACNB, ATLCP, BAFN, BGFV, BHFAL, BPOP, BPYPM, BPYPN, BPYPO, BPYPP, BRKR, CCNE, CRESY, DHIL, EBAY, EXPD, FF, FFBC, FGFPP, FNCB, FTAIM, FTAIN, FTAIO, FTAIP, GCMG, GGAL, GTLCL, HAYN, HQI, HWCPZ, IBKR, JBSS, LCNB, LFVN, MCRI, METC, MGEE, MKTW, MOFG, MVBF, NBTB, ONB, PANL, PFG, PINC, PRGS, PTEN, QCOM, RCKY, RMBI, SAFT, SSNC, STRRP, TCBIO, TRINL, TRMK, TSN, TW, UFPI, VIRT, WEN, ZEUS, ZIONL, ZIONO, ZIONP
- Economic events and announcements:
- API Weekly Crude Oil Stock (previous: -6.799M)
- Beige Book
- Chicago PMI (consensus: 47.0, previous: 48.6)
- Dallas Fed Services Revenues (consensus: 4.2, previous: 6.9)
- FOMC Member Bowman Speaks
- FOMC Member Harker Speaks
- Fed Governor Jefferson Speaks
- JOLTs Job Openings (consensus: 9.775M, previous: 9.590M)
- MBA 30-Year Mortgage Rate (previous: 6.69%)
- MBA Mortgage Applications (previous: -4.6%)
- MBA Purchase Index (previous: 158.3)
- Mortgage Market Index (previous: 205.0)
- Mortgage Refinance Index (previous: 443.0)
- Redbook (previous: 1.5%)
- Texas Services Sector Outlook (consensus: -16.0, previous: -14.4)
## Upcoming events for Thursday, June 1st
- Expected earnings:
ACB, ACGN, AEG, ASAN, AVGO, BANX, BARK, BILI, CAL, CCEP, CDZI, CHPT, CONN, COO, CVGW, DELL, DFFN, DG, DLTH, EGIO, ELP, ESOA, ESTC, EVLO, FIVE, GTH, GWRE, HGEN, HOTH, HRL, IBIO, IOT, ITI, LE, LFCR, LGL, LTCH, LULU, LVRO, M, MDB, MDRX, MITK, NX, PD, QSG, S, SIF, SPTN, TALS, TLYS, UFAB, UONE, UONEK, ZS, ZUMZ
- Ex-div:
AMNB, AROW, AUVIP, BOTJ, CHRW, CLRO, CVLG, EBC, FFIC, FRME, GBDC, HWKN, IGIC, JRSH, MBCN, MBWM, MLKN, NAVI, OBT, OTEX, PCH, PEBK, PEP, SLM, SLMBP, TILE, TRST, UFCS
- Economic events and announcements:
- 4-Week Bill Auction (previous: 5.750%)
- 8-Week Bill Auction (previous: 5.350%)
- ADP Nonfarm Employment Change (consensus: 170K, previous: 296K)
- Challenger Job Cuts (consensus: 227.2%, previous: 175.9%)
- Challenger Job Cuts (previous: 66.995K)
- Construction Spending (consensus: 0.1%, previous: 0.3%)
- Continuing Jobless Claims (consensus: 1,800K, previous: 1,794K)
- Crude Oil Imports (consensus: 0.432M, previous: -1.249M)
- Crude Oil Inventories (consensus: -1.101M, previous: -12.456M)
- Cushing Crude Oil Inventories (consensus: 0.772M, previous: 1.762M)
- Distillate Fuel Production (consensus: -0.026M, previous: 0.019M)
- EIA Refinery Crude Runs (previous: 0.079M)
- EIA Weekly Distillates Stocks (consensus: -0.118M, previous: -0.562M)
- EIA Weekly Refinery Utilization Rates (previous: -0.3%)
- FOMC Member Harker Speaks
- Fed's Balance Sheet (previous: 8,436B)
- Gasoline Inventories (consensus: -0.369M, previous: -2.053M)
- Gasoline Production (consensus: -0.060M, previous: 0.833M)
- Heating Oil Stockpiles (consensus: 0.009M, previous: 0.481M)
- ISM Manufacturing Employment (consensus: 48.5, previous: 50.2)
- ISM Manufacturing New Orders Index (consensus: 44.9, previous: 45.7)
- ISM Manufacturing PMI (consensus: 47.0, previous: 47.1)
- ISM Manufacturing Prices (consensus: 52.0, previous: 53.2)
- Initial Jobless Claims (consensus: 235K, previous: 229K)
- Jobless Claims 4-Week Avg. (previous: 231.75K)
- Manufacturing PMI (consensus: 50.2, previous: 48.5)
- Natural Gas Storage (consensus: 113B, previous: 96B)
- Nonfarm Productivity (consensus: -2.7%, previous: 1.7%)
- Reserve Balances with Federal Reserve Banks (previous: 3.251T)
- Unit Labor Costs (consensus: 6.3%, previous: 3.2%)
^^^^2023-05-29