Added to YB: 2026-08-24
Pitch date: 2026-08-18
QCOM [neutral]
QUALCOMM Incorporated
Author Info
BEP Research provides AI infrastructure research for serious investors — semiconductors, optical interconnects, software, and systems-level thinking on the plays that matter before Wall Street catches on. Sign up for the newsletter.
Company Info
QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide.
Market Cap
$172.9B
Pitch Price
N/A
Price Target
N/A
Dividend
2.27%
EV/EBITDA
14.60
P/E
18.84
EV/Sales
4.08
Sector
Semiconductors and Semiconductor Equipment
Category
growth
The Tax Dodge: Qualcomm's 133 TB/s Isn't What You Think
QCOM (overview): Qualcomm's HBC architecture stacks accelerator under DRAM, skipping HBM interposer; FY29 non-handset guide doubled to $40B ($15B+ datacenter). All perf claims (133 TB/s, 6x BW/watt) are unverified, no supplier/memory disclosed, first silicon 2027. Base case: niche decode tier, not NVIDIA-killer. Real trade: short the large-interposer/CoWoS premium as multiple vendors route around HBM; tax migrates to bonding tools (Besi/TSMC SoIC), not memory oligopoly. Risks: graveyard of failed PIM, CUDA moat, thermal ceiling, HBM improving.
Read full article (12 min)