Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> 2Q25 (March-25) spot inline with expectations, 4Q guidance inline with expectations. Revenue growth is slowing down sharply in June. Consensus expects further slowdown in 2H25. </li>
<li>QCOM is losing iPhone modem, Android is not growing in units but chips become more expensive with AI, new revenue streams (AI PC, Auto, Industrial IoT) are not well understood. </li>
<li>The result is Consensus forecasting basically no EPS growth in FY26-27 and the stock is trading at 12x EPS, almost -1 standard deviation below average PEx</li>
</ul>



Qualcomm Inc (QCOM US) 2Q25 (March-25) spot inline with expectations, 4Q guidance inline with expectations. Revenue growth is slowing down sharply in June. Consensus expects further slowdown in 2H25. 
QCOM is losing iPhone modem, Android is not growing in units but chips become more expensive with AI, new revenue streams (AI PC, Auto, Industrial IoT) are not well understood. 
The result is Consensus forecasting basically no EPS growth in FY26-27 and the stock is trading at 12x EPS, almost -1 standard deviation below average PEx


Qualcomm 2Q25 (March 25): Boring and Cheap