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Source: BROOKS KRAFT/APPLE
The Wall Street Journal reported that Qualcomm told analysts last year that it expected to own about 20 percent of Apple’s iPhone business during this product cycle. Bernstein’s Stacy Rasgon estimates that retaining the full iPhone business would add $4 billion to $6 billion in revenue for Qualcomm in the fiscal year ending September 2024, 8% to 12% above Wall Street’s current forecast. But neither Qualcomm nor Apple have publicly commented on the report.
The report believes that although the development of baseband chips is notoriously complicated, even the chip giant Intel has tried to develop basebands for the iPhone without success, but with Apple’s strong financial resources and high annual research and development budget (Apple’s annual research and development budget totals more than 240 million yuan). $100 million, more than three times what Qualcomm spent), it’s unlikely that Apple won’t make it happen in the end. In addition, Apple has always wanted to have more control over the chips it uses, which ultimately cost less to design in-house than buying chips from outside suppliers, and allow the company to tie the designs more closely to its devices stand up. Therefore, there is no suspense for Apple to develop its own baseband chip, it is only a matter of time.
The report also noted that Apple and Qualcomm also had a rift, culminating in a years-long legal battle between the two companies that was settled in 2019, largely because Apple needed Qualcomm’s baseband chips to make its 5G iPhones Listing on schedule. But Ed Snyder, who has long researched the wireless chip market at Charter Equity, noted that Apple remains “absolutely bent on getting rid of Qualcomm and has made its modem work a top investment for the company in recent years.” He expects Apple to be on track for the 2024 iPhone The baseband chip will completely replace Qualcomm in the following year.
Therefore, for Qualcomm, it may be possible to “taste the sweetness once or twice” from Apple. Doing Apple’s business for another year or two may bring additional cash flow to Qualcomm for investment, mergers and acquisitions and the development of other diversified businesses. Qualcomm has been working to reduce its reliance on Apple in recent years, and has pitched that vision to Wall Street. Qualcomm said at an analyst meeting last fall that it expects Apple’s share of its chipset business to be single-digit percentage points by the end of fiscal 2024. (Proofreading/Aaron)