Daily Brief TMT/Internet: Interdigital Inc, AT&T, Pony AI, Globalstar Inc, Qualcomm Inc, Qorvo Inc, Japan Data Science Consortium, F5 Networks Inc, Celestica, Intel Corp and more

• InterDigital’s second quarter of 2025 showcased significant financial and operational achievements, highlighted by the conclusion of a pivotal arbitration with Samsung.
• This 8-year licensing agreement, running through 2030, marks a substantial development for InterDigital, as the deal is valued at over $1 billion.
• This contract represents an annual payment increase of 67% compared to the previous agreement with Samsung, reflecting the strength and increasing valuation of InterDigital’s intellectual property portfolio.

• AT&T’s third-quarter 2025 results reveal a solid performance overall, with a balance of positive strides and areas to monitor.
• The company has shown growth in key areas like mobility and consumer wireline, underpinned by strategic enhancements in their service offerings, although challenges remain in the competitive landscape.
• Positively, AT&T reported over 400,000 postpaid phone net additions, indicating effective customer retention and acquisition strategies.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: Pony AI (PONY US), Seres Group (9927 HK) and WeRide (WRD US) H Share listings.
• Event-Driven developments: ANE Cayman Inc (9956 HK), Brainpad Inc (3655 JP), Sumitomo Densetsu (1949 JP), Sumitomo Riko Company (5191 JP), Mayne Pharma (MYX AU), AUB Group Limited (AUB AU).

• Globalstar Inc. reported a modest revenue growth of 6% year-over-year for the first quarter of 2025, reaching $60 million.
• This increase was mainly attributed to the higher service revenue driven by wholesale capacity services and growth in the commercial IoT segment.
• Despite the revenue increase, the adjusted EBITDA rose only slightly by 3% to $30.4 million compared to the prior year.

• Qualcomm recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a non-GAAP EPS of $2.77, which were near the high end of guidance.
• The company’s chipset business, QCT, recorded revenues of $9 billion, reflecting ongoing growth across automotive, IoT, and handset segments.
• Notably, automotive and IoT revenues increased by 21% and 24% year-over-year, respectively, driven by Qualcomm’s strategy to diversify and expand its product offerings beyond mobile handsets.

• Qorvo Inc. showcased a robust performance in the first quarter of fiscal 2026, underscored by growth across its three main operating segments: Advanced Cellular Group (ACG), High Performance Analog (HPA), and Connectivity & Sensors Group (CSG).
• The quarter’s revenue totaled $819 million, with a notable non-GAAP gross margin of 44% and diluted earnings per share of $0.92, both exceeding guidance expectations.
• Among the highlights, Qorvo’s ACG segment continued to capitalize on its cellular product offerings, securing major content inclusion in devices for a leading customer.

• Explosive revenue growth driven by Japan’s accelerating digital transformation and AI adoption, positioning JDSC as a key player in a burgeoning market.
• Recent pivot to profitability in FY2025 after a period of heavy investment highlights scaling potential, though earnings have been volatile.
• A unique business model leveraging partnerships with industry leaders and academic ties with the University of Tokyo to co-develop and deploy AI solutions, creating a potential competitive advantage.

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• F5, Inc.’s financial results for the fourth quarter and fiscal year 2025 reflect both successes and challenges.
• The company surpassed $3 billion in revenue and $1 billion in operating profit for the first time, with a year-on-year revenue growth of 10% and an earnings per share growth of 18%.
• This growth was driven by several factors, including data center reinvestment, hybrid cloud adoption, and growing demand for enterprise AI infrastructure, alongside a product refresh cycle and the maturation of F5’s software model.

• Celestica reported strong financial results for the third quarter of 2025, driven by impressive performance in its Connectivity and Cloud Solutions (CCS) segment.
• The company’s revenue reached $3.19 billion, marking a 28% increase from the previous year, and surpassing the high end of their guidance.
• The growth was largely fueled by the Communications end market within the CCS segment, where revenue surged by 82%, predominantly due to increased demand in data center networking, including ramping 800G switch programs.

• Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance.
• A notable outcome is the fourth consecutive quarter of results surpassing revenue guidance, reaching $13.7 billion, up 6% sequentially, with a non-GAAP gross margin of 40%, higher than expected by four percentage points.
• This performance is attributed to robust demand and effective cost management, though tempered by capacity constraints, particularly on Intel 10 and Intel 7 processes.