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Qualcomm CEO: the Public Realizes the Importance of Chips and Chip Industry is still Worth Watching

Update time : 2022-10-21 14:02:49

Chip company shares have underperformed over the past few months. A recent report released by Deutsche Bank predicted that this earnings season may show more signs of weakness.
However, Qualcomm CEO Cristiano Amon remains optimistic about the future of the chip industry, especially the long-term future. He believes that there was a shortage of chips from the beginning of the new crown epidemic, prompting people outside the industry to start recognizing the importance of chips. Qualcomm currently provides chips for a variety of devices, including cell phones, laptops, smart cars and virtual reality devices.　
At the Qualcomm CEO Summit on Thursday local time, Ammon said: "In focusing on economic growth, people realize that the chip is an important part of the digital economy. And regarding the digital transformation of enterprises, chips are necessary for companies looking to improve efficiency. Because you need to enable connectivity, chips are becoming extremely important." In other words, "the story about chips remains as good as ever."
Currently, the volatility of the stock market, rising inflation and the hawkish stance of the Federal Reserve are challenging not only Qualcomm, but also affecting all technology companies. As of Wednesday, the Nasdaq 100 has fallen about 32 percent this year. Qualcomm's revenue and profit last quarter exceeded analysts' expectations, and the company will report its fiscal fourth-quarter earnings in early November. So far this year, Qualcomm shares are down about 40 percent.　
Ammon said, "As we said in our earnings report, in the short term, we saw some slowing growth for macroeconomic reasons."
After Ammon became CEO in 2021, Qualcomm launched a business diversification strategy. In the short term, this strategy remains at the heart of Qualcomm. For example, Qualcomm Ventures is focused on building Qualcomm's ecosystem through investments in forward-looking areas such as virtual reality, said Qun Li, global head of Qualcomm Ventures.
Now is a better time to invest than one might think, he said. "If you look at the last cycle, a lot of big companies actually started and grew up during difficult times. From an investor's perspective, we have allocatable capital. I think it's a better time to invest now versus the same time last year. I don't think the current timing is bad."

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