In today’s briefing:
- Inside Samsung’s HBM3E Chicken Game
- [Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger
Inside Samsung’s HBM3E Chicken Game
- Samsung’s playing its old game—sacrificing margins to shake rivals—aiming to disrupt DRAM and win HBM4, assuming it clears NVIDIA’s HBM3E qual test soon.
- Local intel says no official word from Samsung yet, but the street thinks qual’s done—hence Samsung’s bold HBM3E tone and oversupply warning on the call.
- There’s urgency—Samsung’s undercutting Hynix now to stop them from reinvesting cash into DRAM fab expansion, a playbook Samsung once dominated with.
[Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger
- Handset and edge networking demand powered a strong QCT beat, but licensing growth underwhelmed, and margins declined sequentially.
- Apple modem revenues will fade by 2026, and the management conspicuously avoided commentary on China auto; both adding to uncertainty.
- Snapdragon X’s monetisation has been deferred, while XR design momentum was a rare bright spot beyond mobile.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
