Qualcomm

Management emphasizes reinvestment in R&D and disciplined returns of excess cash. In March 2025 the quarterly dividend was raised to $0.89 (low‑ to mid‑single‑digit annual growth framework), and in Q3 FY25 Qualcomm repurchased 19 million shares for $2.8 billion while paying $967 million in dividends.

Shares outstanding declined to about 1.084 billion by June 29, 2025. Strategic M&A remains targeted: the agreed acquisition of Alphawave Semi (~$2.4 billion EV, expected close in early 2026) aims to accelerate data center compute and connectivity, consistent with the on‑device and near‑edge AI thesis.

We view this as a measured extension of core competencies, not a wholesale pivot.