Chip Stock Investor on $QCOM (Oct 26, 2026)
Qualcomm is a broadly diversified chip business but trades at a conglomerate-style discount because the market worries that, after Apple, big Android customers like Xiaomi and Samsung will design chips in-house. Early data-center traction, robotics and low-power compute are pluses, yet Qualcomm still has a lot to prove; it has roughly a year or two to show that losing Apple is not the end of the world.
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James asks, "Any thoughts on be, Bloom Energy, and Qualcomm?" Qualcomm is really frustrating. Um, but I think they they still have a year or two to prove to the market that losing Apple is still not the end of the world because they have proven it already but but the market still just assigns a discount there.
Um, I think some of the worry is yes they have great things happening in data center. Uh, it seems like they have some early traction with customers. uh the whole event around robotics.
Uh of course they're going to be a big player in anything that's end market battery based. You need you need uh powerful compute that uses very little power. Of course Qualcomm is going to to be um a great participant in that.
But there's worry that other customers will start designing their own uh chips in house as well just like Apple uh like Xiai for example, Samsung two of the bigger customers in on the Android side of things also do a bit of custom custom design work inhouse.
So I think there's just a lot of a lot of concern there that there's still a lot for Qualcomm to prove.
So you end up with the the old uh like we've talked about a few times this year, the old conglomerate discount with Qualcomm. Even though it's chips, it's semiconductors is a broadly diversified business and uh the market just is not convinced on that one.
Uh, Qualcomm, the old uh quasi monopolist in mobile computing, that's probably the biggest the biggest bummer performer over the last four years. as you probably know.