| Segment | Value | % of Price | Type |
|---|---|---|---|
| Net Cash | $10 | 6% | auditable |
| QCT Handsets (Snapdragon Mobile) | $81 | 49% | anchored |
| Automotive + IoT | $36 | 22% | anchored |
| PC/AI Compute (Snapdragon X) | $20 | 12% | anchored |
Anchored: $137/sh (83%) · Speculative: $0/sh (0%)
Qualcomm's handset business is the cash engine but faces a binary Apple risk. The Snapdragon 8 Elite leads Android premium, but Apple's custom modem development could remove a significant revenue stream.
Automotive is Qualcomm's growth engine: 55%+ growth from $3B with a $45B pipeline. Digital cockpit is the beachhead, ADAS the expansion. The key risk is Nvidia DRIVE competing for the high-compute ADAS/AD market.
Snapdragon X is Qualcomm's boldest bet: bringing ARM to Windows PCs. The Apple Silicon precedent proves it can work, but Qualcomm doesn't control the full stack like Apple does. x86 incumbency is the key obstacle.