Qualcomm Shares Look Attractive After WSJ Reports That Future iPhones Might Not Use Its Chips
On Oct. 31, The Wall Street Journal reported that Apple is considering dropping Qualcomm components from future iPhones and iPads. Consequently, Qualcomm shares fell sharply. We’re not at all surprised by this news and consider the market's response an overreaction, since Apple has already been dual-sourcing the modem chip from Qualcomm and Intel for its iPhones. As such, we had already contemplated a steep decline in Apple-related chip sales for Qualcomm in our model, and our fair value estimat...Qualcomm is engaged in the development and commercialization of foundational technologies for the wireless industry. The company's segments include: Qualcomm CDMA Technologies, which is a developer and supplier of integrated circuits and system software based on code division multiple access, orthogonal frequency division multiple access and other technologies; Qualcomm Technology Licensing, which grants licenses or otherwise provides rights to use portions of its intellectual property portfolio, which, among other rights, include certain patent rights essential to and/or useful in the manufacture and sale of certain wireless products; and Qualcomm Strategic Initiatives, which makes investments.
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