Qualcomm

Pricing power is strongest in QTL, where royalties are based on standard‑essential IP and deliver very high margins and cash conversion.

In QCT, pricing power is moderate but improving in segments where Qualcomm leads on performance per watt and integrated connectivity (premium Android, RF front end, automotive digital cockpit, ADAS and connectivity).

The AI PC category could expand Qualcomm’s ability to price for performance and battery life advantages as the Windows‑on‑Arm ecosystem matures. Offsets include foundry cost inflation, cyclical handset demand, and aggressive competitors.

Net‑net, Qualcomm has proven it can preserve blended gross margins in the mid‑50s across cycles and expand segment EBT at scale when mix shifts toward premium and automotive.