Qualcomm

We see above‑average predictability relative to most semis due to the licensing annuity and scaled Android share, but not in the class of toll‑road networks. The business remains exposed to handset cycles, China macro, and geopolitical policy.

Diversification helps: QCT Automotive posted record quarterly revenue in Q3 FY25 and IoT/PC are guided as material contributors by FY29. The Apple modem insourcing path introduces step‑down risk later in the decade, although Qualcomm’s agreement covers iPhone launches through 2026 and the company is executing on PCs and automotive to offset.

We also note Huawei product revenue has ceased following U.S. license revocations, adding short‑term variability, though licensing with certain Chinese OEMs has been renewed.