{"id":6331,"date":"2022-05-01T23:56:00","date_gmt":"2022-05-01T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/us\/?p=6331"},"modified":"2025-01-10T10:01:33","modified_gmt":"2025-01-10T02:01:33","slug":"qualcomm-diversifies","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/","title":{"rendered":"Qualcomm diversifies success, no nonger highly dependend on phone"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/#Why_discuss_Qualcomm\" >Why discuss Qualcomm?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/#The_importance_of_Qualcomm\" >The importance of Qualcomm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/#How_does_Qualcomm_make_money_now\" >How does Qualcomm make money now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/#Qualcomm_market_valuation\" >Qualcomm market valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/#Stock_performance_in_past_5_years\" >Stock performance in past 5 years<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/#China_is_the_lifeblood_of_Qualcomm\" >China is the lifeblood of Qualcomm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/#What_about_Apple\" >What about Apple?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/#Personal_computer\" >Personal computer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/#Relationship_with_TSMC\" >Relationship with TSMC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/#Related_articles\" >Related articles<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_discuss_Qualcomm\"><\/span><strong>Why discuss Qualcomm?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Qualcomm (ticker: QCOM) has a key position in the global technology industry, especially in the development of mobile phones in the past three decades, and it still does. This is the first factor.<\/p>\n\n\n\n<p>Another reason to discuss this company is more important, because in the past 4-5 years, this company has quietly undergone corporate transformation, the most important of which is to no longer rely heavily on mobile phones as the only source of revenue and expanded its product line. Diversification, from the current point of view, Qualcomm is indeed progressing smoothly, and the transcripts handed over prove to be successful. It is very difficult for companies to diversify their products, and the chances of success are not high. For details, please refer to the description of another article in my previous blog post &#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/?s=The+valuation+impact+of+diversity+to+listed+companies\" target=\"_blank\" rel=\"noreferrer noopener\">The valuation impact of diversity to listed companies<\/a>&#8220;.<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_importance_of_Qualcomm\"><\/span><strong>The importance of Qualcomm<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This is a company that I mention a lot in my book of &#8220;The Rules of Super Growth Stocks Investing&#8221;. There are two main parts, which investors who study Qualcomm must carefully understand:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Subsections 2-3: This subsection has a lot of space to discuss the Qualcomm QTL division (Qualcomm Technology Licensing)<\/li>\n\n\n\n<li>Subsections 3-7 discuss the global supply chain of the electronics industry<\/li>\n<\/ul>\n\n\n\n<p>Qualcomm was as important in the mobile phone world five years ago as Intel (ticker: INTC) was in the personal computer world. Now due to multiple factors (including competition from MediaTek, the imminent loss of Apple, the regulation of the US government, etc.), its dominance has declined, but it is still the most important company in the mobile phone industry, and its dominance has only declined, but it has not disappeared or significantly degree of weakening.<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_does_Qualcomm_make_money_now\"><\/span><strong>How does Qualcomm make money now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>BU-group<\/td><td>Financial year 2021<\/td><\/tr><tr><td>QCT (Qualcomm CDMA technology: chip)<\/td><td>27.019 billion +63.82%<\/td><\/tr><tr><td>&#8211; QCT-handheld<\/td><td>16.83 billion+60.88%<\/td><\/tr><tr><td>&#8211; QCT-RF Front End<\/td><td>4.158 billion +76.04%<\/td><\/tr><tr><td>&#8211; QCT-Auto<\/td><td>0.975 billion +51.4% <\/td><\/tr><tr><td>&#8211; QCT-IoT<\/td><td>5.056 billion +67.09%<\/td><\/tr><tr><td>QTL (Qualcomm&nbsp;Technology Licensing)<\/td><td>6.32 billion +25.7%<\/td><\/tr><tr><td>QSI (Qualcomm&nbsp;Strategic Initiatives)<\/td><td>0.045 billion +25%<\/td><\/tr><tr><td>Total revenue<\/td><td>33.566 billion +42.65%<\/td><\/tr><tr><td>Gross margin<\/td><td>57.51%<\/td><\/tr><tr><td>Operating margin<\/td><td>29.16%<\/td><\/tr><tr><td>Net margin<\/td><td>26.94%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"Qualcomm_market_valuation\"><\/span><strong>Qualcomm market valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Index<\/td><td>QCOM<\/td><td>MTK<\/td><\/tr><tr><td>Market Capital<\/td><td>156.45 billion<\/td><td>46.18 billion<\/td><\/tr><tr><td>Share price<\/td><td>$139.69<\/td><td>NTD 830<\/td><\/tr><tr><td>P\/E<\/td><td>14.3<\/td><td>11.82<\/td><\/tr><tr><td>P\/S<\/td><td>4.62<\/td><td>2.67<\/td><\/tr><tr><td>Yield<\/td><td>2.15%<\/td><td>4.46%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stock_performance_in_past_5_years\"><\/span><strong>Stock performance in past 5 years<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The blue curve in the figure below is the performance of Qualcomm&#8217;s stock price, which has risen by 284.26% in the past five years; the red line is MediaTek, which has risen by 169.78% in the past five years.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/05\/a-1600x1200-1-1024x218.png\" alt=\"QCOM Stock performance in past 5 years\" class=\"wp-image-6348\" width=\"512\" height=\"109\" srcset=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/05\/a-1600x1200-1-1024x218.png 1024w, https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/05\/a-1600x1200-1-300x64.png 300w, https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/05\/a-1600x1200-1-768x164.png 768w, https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/05\/a-1600x1200-1.png 1070w\" sizes=\"auto, (max-width: 512px) 85vw, 512px\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"China_is_the_lifeblood_of_Qualcomm\"><\/span><strong>China is the lifeblood of Qualcomm<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>60-70% of the total revenue comes from China. China is Qualcomm&#8217;s No. 1 market. Qualcomm should be the company that relies the most on the Chinese market among all the large listed companies in the US that I know. Because now, apart from Samsung and Apple, the two major mobile phone manufacturers, the world&#8217;s major mobile phone manufacturers are all Chinese manufacturers. Even in Qualcomm&#8217;s newly developed IoT and automotive businesses, many of the major manufacturers are in China.<\/p>\n\n\n\n<p>This is why, under the geopolitical game, <a href=\"https:\/\/www.reuters.com\/article\/us-china-qualcomm-idUSKBN0LD2EL20150210\" target=\"_blank\" rel=\"noreferrer noopener\">China imposed an antitrust fine of US$975 million in 2015<\/a>, and the patent royalty was reduced to 65% after negotiation. Qualcomm has no second sentence at all, and can only pay it off immediately. Because there is no Chinese market, Qualcomm simply cannot survive.<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_about_Apple\"><\/span><strong>What about Apple?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Qualcomm generates 20-25% of its revenue from making modem chips for Apple (ticker: AAPL). Note that the 20-25% of revenue from Apple is the same as Apple&#8217;s share of TSMC&#8217;s (ticker: TSM) total revenue. Have you noticed that Apple&#8217;s revenue plus 60-70% of its total revenue comes from China. When the two add up, it is almost 95% of Qualcomm&#8217;s total revenue. Samsung mostly uses its own chips, but it also uses Qualcomm in some products, but not much.<\/p>\n\n\n\n<p>But if Apple is not surprised, it will start producing its own modem chips next year, and then it will gradually abandon Qualcomm. Qualcomm admitted in November 2021 that by 2023, the proportion of Apple&#8217;s iPhone, iPad and other products using Qualcomm modems may drop sharply to about 20%. This is also the reason why Qualcomm desperately had to file a lawsuit with Apple and get back the money (mainly the authorization fee) Apple owed Qualcom for a long time. More importantly, Apple, the golden goose,will be gone next year, forcing Qualcomm to find another source of revenue; this is very important.<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"Personal_computer\"><\/span><strong>Personal computer<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Snapdragon 8cx and 7cx series of laptops are already the main force of Microsoft&#8217;s (ticker: MSFT) Surface&#8217;s non-x86 ARM processors, although the volume is far from Intel&#8217;s version, and it is also worse than AMD&#8217;s (ticker: AMD) Lots of shipments, but still the long-term champion of non-x86 ARM-based personal laptops on the market.<\/p>\n\n\n\n<p>Recently, the CEO of Qualcomm said that the processor of the new self-architecture built with the technology owned by the previously acquired NUVIA company will be completed in the second half of 2023. Qualcomm announced that the performance of this Arm-based PC processor can not only match Apple&#8217;s M series, but also reach the performance level of Intel i7. If it is true as Qualcomm said, it will be able to a milestone for it on the personal computer. But it is impossible to replace Intel, because there are very few programs developed for the Arm architecture.<\/p>\n\n\n\n<p>Alphabet&#8217;s (ticker: GOOGL and GOOG) Chromebooks powered by the Snapdragon 8xx series or upgraded processors, already under the test for a while, may also be available in the near future.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"113\" src=\"https:\/\/www.granitefirm.com\/blog\/us\/wp-content\/uploads\/sites\/2\/2022\/09\/q-1600x1200-1.jpg\" alt=\"Qualcomm \" class=\"wp-image-13806\"\/><figcaption class=\"wp-element-caption\">credit: flickr<\/figcaption><\/figure>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"Relationship_with_TSMC\"><\/span><strong>Relationship with TSMC<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As mentioned earlier, Qualcomm&#8217;s 20-25% of revenue is from Apple, which is the same as Apple&#8217;s total revenue for TSMC. Qualcomm itself is TSMC&#8217;s fourth largest customer, accounting for about 3.9% of TSMC&#8217;s total revenue (2021 data). However, since TSMC will always leave the most advanced process and production capacity to its largest customer, Apple, this policy affects other large customers such as NVIDIA (ticker: NVDA) and Qualcomm, and Qualcomm&#8217;s demand for wafer foundry (regardless of volume, advanced manufacturing process) is very large, unable to grab TSMC&#8217;s priority level, so it has to settle for the second best, and place many orders to Samsung. <\/p>\n\n\n\n<p>And in order to obtain Qualcomm, a major customer, Samsung has cut prices by more than 20% just to keep Qualcomm&#8217;s orders. Samsung can meet Qualcomm&#8217;s production capacity requirements, but Samsung&#8217;s yield rate, product performance, and the record are really poor, which has always been a headache for Qualcomm (see my book &#8220;The Rules of Super Growth Stocks Investing&#8221; in section 3-3, Samsung&#8217;s discussion).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Related_articles\"><\/span>Related articles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/10\/06\/arm-and-qualcomms-lawsuit\/\">Arm and Qualcomm\u2019s IP licensing lawsuit set to be settled<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/07\/24\/top-vendors-and-uses-of-gpu\/\" target=\"_blank\" rel=\"noreferrer noopener\">Top vendors and uses of GPU<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/01\/qualcomm-pc\/\" target=\"_blank\" rel=\"noreferrer noopener\">Qualcomm PC might bring it back to glory<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/01\/qualcomm-diversifies\/\" target=\"_blank\" rel=\"noreferrer noopener\">Qualcomm diversifies success, no nonger highly dependend on phone<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/06\/24\/ai-pc-supply-ecosystem\/\" target=\"_blank\" rel=\"noreferrer noopener\">AI PC is changing the PC supply chain and ecosystem<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/11\/30\/tsmc-negative-corp-culture\/\" target=\"_blank\" rel=\"noreferrer noopener\">TSMC negative toxic corp culture and management style are detrimental to its future and growth<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/04\/10\/four-chip-companies\/#google_vignette\" target=\"_blank\" rel=\"noreferrer noopener\">Four chip companies account for one-third of S&amp;P 500 gains so far this year<\/a><\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/04\/06\/artificial-intelligence-listed-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\">Top five lucrative artificial lucrative intelligence listed companies<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2025\/01\/09\/tsmc-valuation\/\">Why is TSMC valuation much lower than US peers?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/04\/01\/tsmc-dcf-value\/\">What&#8217;s TSMC DCF intrinsic value?How to calculate it quickly with a free tool?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/10\/01\/how-many-fab-does-tsmc-have\/\" target=\"_blank\" rel=\"noreferrer noopener\">How many fabs and houses does TSMC have currently and in the future?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/13\/yield-rate-comparison\/\" target=\"_blank\" rel=\"noreferrer noopener\">Yield rate comparison of SMIC, Rapidus, TSMC, Samsung, Intel&#8217;s advanced process<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/04\/29\/cost-of-chip-foundry\/\">The TSMC cost, sell price, and R&amp;D cost of chip foundry<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/15\/asml-who-really-caught-tsmcs-neck\/\" target=\"_blank\" rel=\"noreferrer noopener\">ASML, who dominate TSMC\u2019s fate<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/12\/28\/tsmc-process-roadmap\/\" target=\"_blank\" rel=\"noreferrer noopener\">Comparison of SMIC, Rapidus, TSMC, Intel, and Samsung\u2019s new process roadmaps for future chips<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/30\/two-long-term-threats-to-tsmc\/\" target=\"_blank\" rel=\"noreferrer noopener\">Two long-term threats to TSMC: US and SMIC<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/06\/30\/tsmcs-profit-margin\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why is TSMC\u2019s profit margin much greater than competitors?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/08\/13\/how-does-tsmc-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does TSMC make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/11\/02\/zyvex\/\" target=\"_blank\" rel=\"noreferrer noopener\">Zyvex and sub-nanometer semiconductor processes, will Zyvex threat TSMC?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/01\/28\/tsmc-serious-crises\/\">TSMC gets emerging&nbsp;and serious challenges<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/06\/24\/nvidia-changes-gaming-rules\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does nVidia make money, Nvidia is changing the gaming rules<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/12\/11\/nvidias-monopoly\/\" target=\"_blank\" rel=\"noreferrer noopener\">The reasons for Nvidia\u2019s monopoly and the challenges it faces<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/29\/arm-acquired-by-nvidia\/\">Why nVidia failed to acquire ARM?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/07\/02\/revisiting-nvidia\/\">Revisiting Nvidia: The Absolute Leader in Artificial Intelligence, Data Center, and Graphics<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/05\/25\/will-intel-go-bankrupt\/\" target=\"_blank\" rel=\"noreferrer noopener\">Will Intel go bankrupt?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/10\/30\/how-does-intel-make-money-and-the-benefits-to-invest-in-it\/\">How does Intel make money? and the benefits to invest in it<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/11\/05\/intels-current-difficult-dilemma\/\">Intel&#8217;s current difficult dilemma<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/11\/22\/texas-instruments-bio\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Texas Instruments make money? Amazing long term capital reward and company net profit margin!<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/04\/22\/amd-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How AMD makes money? A rare case of turning defeat into victory<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/02\/05\/amd-jaw-dropping\/\" target=\"_blank\" rel=\"noreferrer noopener\">Why is AMD\u2019s performance so jaw-dropping?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/01\/29\/how-arm-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does the ubiquitous Arm make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/07\/23\/significant-changes-in-broadcoms-business-approach\/\" target=\"_blank\" rel=\"noreferrer noopener\">Significant changes in Broadcom\u2019s business approach<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/03\/04\/data-center-a-rapidly-growing-semiconductor-field\/\">Data center, a rapidly growing semiconductor field<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/04\/18\/applied-materials\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Applied Materials, lord of semiconductor equipment, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/08\/12\/lam-research-chip-equipment\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Lam Research, top chip equipment player, make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2021\/09\/25\/the-lucrative-semiconductor-industry\/\" target=\"_blank\" rel=\"noreferrer noopener\">The lucrative semiconductor supply chain<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/01\/25\/global-semiconductor-chip-market-in-detail\/\" target=\"_blank\" rel=\"noreferrer noopener\">Global semiconductor chip market in detail, big dominators and markets<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/05\/07\/semiconductor-investment\/\" target=\"_blank\" rel=\"noreferrer noopener\">6 common wrong semiconductor investment myths<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2022\/09\/23\/3rd-gen-semiconductor\/\" target=\"_blank\" rel=\"noreferrer noopener\">Gen 3 semiconductor<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/06\/14\/eda-synopsys-cadence-mentor\/\">Three EDA oligopoly vendors: Synopsys, Cadence, and Siemens&#8217;s Mentor Graphics<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2024\/01\/22\/how-cadence-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does, the EDA oligopoly, Cadence make money?<\/a>&#8220;<\/li>\n\n\n\n<li>&#8220;<a href=\"https:\/\/www.granitefirm.com\/blog\/us\/2023\/12\/22\/how-synopsis-make-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">How does Synopsis, the EDA oligopoly, make money?<\/a>&#8220;<\/li>\n<\/ul>\n\n\n\n<p><em><strong>Disclaimer<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>The content of this site is the author\u2019s personal opinions and is for reference only. I am not responsible for the correctness, opinions, and immediacy of the content and information of the article. Readers must make their own judgments.<\/em><\/li>\n\n\n\n<li><em>I shall not be liable for any damages or other legal liabilities for the direct or indirect losses caused by the readers&#8217; direct or indirect reliance on and reference to the information on this site, or all the responsibilities arising therefrom, as a result of any investment behavior.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Qualcomm diversifies success, no nonger highly dependend on phone, Qualcomm (ticker: QCOM) has a key position in the global technology industry, especially in the development of mobile phones in the past three decades<\/p>\n","protected":false},"author":1,"featured_media":13806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110,189,528,454,600,129,739,486,191,88,487,194],"tags":[2,348,97,95,41,3,417,169,209,377,260],"class_list":["post-6331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-semiconductor","category-antitrust","category-business-diversity","category-communication","category-ecosystem","category-ev","category-geopolitics","category-ip","category-lawsuits","category-acquisition","category-patent","category-telecom","tag-aapl","tag-amd","tag-goog","tag-googl","tag-intc","tag-msft","tag-mtk","tag-nvda","tag-qcom","tag-samsung","tag-tsm"],"_links":{"self":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/6331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/comments?post=6331"}],"version-history":[{"count":42,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/6331\/revisions"}],"predecessor-version":[{"id":33166,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/posts\/6331\/revisions\/33166"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media\/13806"}],"wp:attachment":[{"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/media?parent=6331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/categories?post=6331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.granitefirm.com\/blog\/us\/wp-json\/wp\/v2\/tags?post=6331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}