Qualcomm announced on the 22nd that it would consider splitting the business and trigger a major earthquake. Although the eight characters are still missing, Wall Street is already busy helping Qualcomm to choose relatives. Samsung Electronics may have eaten Qualcomm's chip division before, but some analysts believe that Intel and Qualcomm chips are a natural fit, and they are two players. Kissing.
Reuters, Barron's financial website reported on the 23rd, Cowen and Co. analyst TImothy Arcuri shouted, Intel's return to Qualcomm chip is the ultimate chip acquisition case; as a result, Intel's smart machine chip is finally expected to come out, Enter the important Chinese market. He estimates that after the Qualcomm chip business is independent, the stock price is about 20 US dollars, about one-third of Qualcomm's current share price, and Intel may acquire it at 25 US dollars per share. Ascendiant Capital Markets analyst Cody Acree also agreed to send the two companies to the heap, saying that the merger can push Intel to the top position, the company's operational focus is urgently beyond the personal computer (PC).
The acquisition is not only for Intel, but also for Qualcomm. In the face of low-cost competition from MediaTek (2454), Qualcomm gradually lost market share; Snapdragon 810 processor lost Samsung electronic orders, which also deepened operational difficulties. If Qualcomm and Intel team up, they can use Intel fabs to produce chips, which will reduce costs and make them more competitive. However, if this is the case, it may be a major blow to Taiwanese players. This means that not only TSMC (2330) will lose Qualcomm, but also MediaTek needs to face more intense competition.
It is worth noting that it is hard to say whether Qualcomm will split the chip and the patent licensing department. Most analysts seem to think that the possibility of segmentation is not great, they say that the company splits into two is simply unreasonable. Qualcomm relies on the profits of patent licensing, pulls the wafer business, and splits the wafer business. It is not easy to rely on itself. Arcuri pointed out that after the chip department lost the golden chicken, it is difficult for R&D spending to lead the opponent.
Stacy Rasgon of Bernstein Research is even more appreciative. Qualcomm segmentation is not helpful and will only destroy the company's value. Christopher Rolland of FBR & Co. believes that Qualcomm's announcement may be just a delay in tactics to gain time from the aggressive investor Jana Partners, and the final split will still be returned.
Qualcomm's chip seekers are numerous, and there may be objects other than Intel, as well as Samsung Electronics and Lu. Barron quoted Maybank's Warren Lau report on the 23rd as saying that the split Qualcomm chip business is difficult to compete with rivals such as MediaTek (2454). The more feasible approach is to merge with Intel, Samsung and other strong players. Samsung has made great progress in mobile processors this year, but modems, mobile radios (RF), graphics processors, etc. are still not as good as Qualcomm, and integration capabilities are not good.
Qualcomm's operation hit the iceberg, and TSMC will be dragged down; because Qualcomm is a major TSMC customer, it contributed 20% of TSMC's revenue last year. Lau said that Qualcomm's next-generation high-end mobile processor "éªé¾™820" has been transferred to Samsung, using a 14-nm process; if the performance of the Snapdragon 820 is as expected, TSMC is equal to a good profit opportunity. At the same time, due to weak demand and excessive inventory, Qualcomm may once again cut the 28-nanometer order for TSMC. To make matters worse, if the Qualcomm chip really falls into the hands of Samsung or Intel, the impact on TSMC will be extremely strong. Lau said that he did not want this to happen, but Qualcomm's 10/14 nm transfer to Samsung is already a bad sign.
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