$QCOM · Chip Stock Investor · 2026-10-26
Qualcomm 是一家业务广泛多元化的芯片公司，却以集团式折价交易，因为市场担心在 Apple 之后，小米、三星等大型安卓客户会自行设计芯片。早期数据中心进展、机器人和低功耗计算是加分项，但 Qualcomm 仍有很多需要证明；它大约有一到两年时间来表明失去 Apple 并非世界末日。
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James 问：“对 Bloom Energy 和 Qualcomm 有什么看法？”Qualcomm 确实很让人沮丧。但我认为他们还有一两年时间向市场证明，失去 Apple 仍然不是世界末日，因为他们已经证明过了，但市场仍然只是给它一个折价。
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.
我认为部分担忧在于，是的，他们在数据中心有很好的进展。看起来他们在客户方面有一些早期进展。还有围绕机器人的整个事件。当然，在任何以电池为终端市场的领域，他们都会是重要参与者。你需要使用很少功率的强大算力。
当然，Qualcomm 会在这方面成为重要的参与者。
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.
但有人担心其他客户也会开始自行设计芯片，就像 Apple 一样，比如 Xiai，三星，这两个 Android 阵营较大的客户也在做一些内部定制设计工作。所以我认为那里有很多很多担忧，Qualcomm 还有很多东西需要证明。
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.
所以你最终会遇到我们今年谈过几次的那种老式企业集团折价，Qualcomm 也是如此。尽管它是芯片、半导体，是一个广泛多元化的业务，但市场就是不买账。
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.
Qualcomm，移动计算领域曾经的准垄断者，大概是过去四年表现最差、最令人失望的。你大概也知道。
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.