Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.</li>
<li>OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.</li>
<li>Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.</li>
</ul>


DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.
OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.
Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.


This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Qualcomm reported Q226 revenues of $10.6 billion, -3% YoY from $11.0 billion and down ~14% sequentially from Q1’s record $12.3 billion, roughly in line with the $10.59 billion FactSet consensus.</li>
<li>QCT segment revenue: $9.1B: down 4% YoY, with handsets down 13% YoY. However, CEO Cristiano Amon told  Reuters post earnings interview: “We can now call the bottom”. Hmm</li>
<li>We have engagement on custom ASIC, which is what we wanted to do when we bought AlphaWave. We have a lot of connectivity IP that enables us to do that.</li>
</ul>


Qualcomm reported Q226 revenues of $10.6 billion, -3% YoY from $11.0 billion and down ~14% sequentially from Q1’s record $12.3 billion, roughly in line with the $10.59 billion FactSet consensus.
QCT segment revenue: $9.1B: down 4% YoY, with handsets down 13% YoY. However, CEO Cristiano Amon told  Reuters post earnings interview: “We can now call the bottom”. Hmm
We have engagement on custom ASIC, which is what we wanted to do when we bought AlphaWave. We have a lot of connectivity IP that enables us to do that.


Qualcomm Q2 FY2026. Handsets Hit A Wall But AI Data Centre Beckons Alluringly

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Qualcomm's recent quarterly performance showcased record revenues of $12.3 billion and non-GAAP EPS of $3.50, reflecting robust results in various segments despite challenges.</li><li>The Qualcomm CDMA Technologies (QCT) unit delivered record revenues of $10.6 billion, propelled by flagship handsets, automotive growth, and Internet of Things (IoT) advancements.</li><li>However, the company's outlook is tempered by the constraints in the memory supply chain, especially concerning DRAM, influenced by increased demands from AI data centers.</li></ul>

Qualcomm's recent quarterly performance showcased record revenues of $12.3 billion and non-GAAP EPS of $3.50, reflecting robust results in various segments despite challenges.The Qualcomm CDMA Technologies (QCT) unit delivered record revenues of $10.6 billion, propelled by flagship handsets, automotive growth, and Internet of Things (IoT) advancements.However, the company's outlook is tempered by the constraints in the memory supply chain, especially concerning DRAM, influenced by increased demands from AI data centers.

Qualcomm’s Dual-Flagship Strategy Is Reinforcing Its Grip on the Premium Smartphone Market!

<ul><li>Qualcomm has made headlines with the recent closing of its $2.4 billion acquisition of British semiconductor company Alphawave Semi, a strategic move intended to bolster its data center and AI capabilities.</li><li>The acquisition comes at a time when Qualcomm is gaining momentum across multiple verticals—from its Snapdragon platforms in premium Android smartphones to its growing traction in automotive and industrial IoT.</li><li>But perhaps the most transformative development lies in its ambitions for the AI data center segment, where it plans to take on incumbents by offering power-efficient inference-focused chips.</li></ul>

Qualcomm has made headlines with the recent closing of its $2.4 billion acquisition of British semiconductor company Alphawave Semi, a strategic move intended to bolster its data center and AI capabilities.The acquisition comes at a time when Qualcomm is gaining momentum across multiple verticals—from its Snapdragon platforms in premium Android smartphones to its growing traction in automotive and industrial IoT.But perhaps the most transformative development lies in its ambitions for the AI data center segment, where it plans to take on incumbents by offering power-efficient inference-focused chips.

Qualcomm Acquires Alphawave: The AI War Is Heating Up!

<ul><li>Qualcomm Incorporated's results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse business portfolio.</li><li>The company reported revenues of $11.3 billion and a non-GAAP earnings per share (EPS) of $3, surpassing their guidance expectations.</li><li>A sequential increase in QCT revenues, amounting to $9.8 billion, was primarily driven by strong customer demand for Snapdragon-powered Android handsets, substantial growth in automotive solutions, and robust performance in IoT sectors like industrial applications, Wi-Fi 7, and 5G.</li></ul>

Qualcomm Incorporated's results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse business portfolio.The company reported revenues of $11.3 billion and a non-GAAP earnings per share (EPS) of $3, surpassing their guidance expectations.A sequential increase in QCT revenues, amounting to $9.8 billion, was primarily driven by strong customer demand for Snapdragon-powered Android handsets, substantial growth in automotive solutions, and robust performance in IoT sectors like industrial applications, Wi-Fi 7, and 5G.

Qualcomm’s IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

Qualcomm Q2 FY2026. Handsets Hit A Wall But AI Data Centre Beckons Alluringly

We have engagement on custom ASIC, which is what we wanted to do when we bought AlphaWave. We have a lot of connectivity IP that enables us to do...

William Keating

Qualcomm’s Dual-Flagship Strategy Is Reinforcing Its Grip on the Premium Smartphone Market!

Qualcomm's recent quarterly performance showcased record revenues of $12.3 billion and non-GAAP EPS of $3.50, reflecting robust results in various...

Baptista Research

Qualcomm Acquires Alphawave: The AI War Is Heating Up!

Qualcomm has made headlines with the recent closing of its $2.4 billion acquisition of British semiconductor company Alphawave Semi, a strategic...

Baptista Research

Qualcomm’s IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?

Qualcomm Incorporated's results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse...

Baptista Research

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