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Speaker 1: Bloomberg Audio Studios, podcasts, radio News.

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Speaker 2: We're joined by the quowdcom CEO, Cristiano Amon, who's live

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Speaker 2: in Maui from the Snapdragon Summit, and I keep think

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Speaker 2: chief among what you're talking about is Snapdragon eight Elite, right,

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Speaker 2: and the technology shift is to the in house design processor.

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Speaker 2: But the question for you, Christiano, is the same as

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Speaker 2: it's been for quite a long time, which is what

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Speaker 2: is fundamentally different through this processor in how we use

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Speaker 2: our smartphone the capabilities that an AI smartphone has.

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Speaker 3: Very good ed Hello from Maui. Good talking to you,

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Speaker 3: Like we're incredibly excited with the announcements were made yesterday

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Speaker 3: and we have more announcements today. This is our nine

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Speaker 3: edition of the Snapdragon Summing. And what's more exciting about

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Speaker 3: what we're doing with eight Elite is going to be

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Speaker 3: the snap the Snapdragon platform that does two things. With

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Speaker 3: our new custom Orion CBU, you restore the leadership position

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Speaker 3: in performance to the Android ecosystem. Smartphones powered by the

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Speaker 3: Elite are going to be the fastest smart smartphones in

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Speaker 3: the world, period. But that's that's only half the story.

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Speaker 3: The other part of the story it is the platform

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Speaker 3: that has incredible computing capabilities for AI, and we present

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Speaker 3: a vision of the future how the constructs that we

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Speaker 3: are used to in the smartphone of OSS and apps

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Speaker 3: and apps stores are going to fundamentally change as we

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Speaker 3: have agents that are going to do a lot of

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Speaker 3: the use cages. First, one of the most exciting things

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Speaker 3: for Qualking of genitive AI is that now computers can

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Speaker 3: speak the language of humans. And that's where we are behind.

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Speaker 3: There's a snap Dragon, there's a display, there's a human

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Speaker 3: and that transition is about to happen. So we build

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Speaker 3: the platform for that.

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Speaker 2: The forecast is Christiano see the smartphone market growing driven

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Speaker 2: by Android. And what surprised me about this generation processor

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Speaker 2: is you get them into handsets quite quickly. Have you

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Speaker 2: done the math on how you see that convert into

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Speaker 2: market growth? How quickly the AI smartphone is a top

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Speaker 2: line driver for you.

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Speaker 3: Look, that's the multi billion dollar question. So I'm going

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Speaker 3: to try to give you an answer. Even though it's

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Speaker 3: very hard to predict, I think it's very easy to

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Speaker 3: see and I have conviction in that. Well, think the

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Speaker 3: next five years we're probably going to have all of

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Speaker 3: us with an AI smartphone. The problem is you have

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Speaker 3: to wait for the new use cases to come up.

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Speaker 3: It reminds me of the transition from feature phones to smartphones.

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Speaker 3: In the beginning we talk about apps, So we have

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Speaker 3: ten apps and became hundreds of apps, then thousands of apps,

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Speaker 3: and we started to see that happening. Right now we

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Speaker 3: have like twenty AI different use cases, and maybe that's

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Speaker 3: going to become one hundred. So I think we are

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Speaker 3: on a trajectory to get to that point. Maybe five

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Speaker 3: years is where it's that transition will be concluded. And

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Speaker 3: hopefully what we all expect to see is the smartphone

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Speaker 3: market is going to grow and we're going to see

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Speaker 3: you great style.

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Speaker 1: When we talk about though the growth in that market, Christiano,

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Speaker 1: are we talking about new entrants into that space and

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Speaker 1: I'm talking on the customer side here, or is this

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Speaker 1: simply converting the existing customer base that's already out there.

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Speaker 3: You know. I think the typical answer that you're going

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Speaker 3: to provide to this question is you probably expect existing

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Speaker 3: players in the smartphone world to just build AI capable smartphones.

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Speaker 3: But it's really hard to predict every time we have

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Speaker 3: a change in the industry. I think the mobile industry

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Speaker 3: is one that every generation of wireless players did change,

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Speaker 3: so that could happen too. I think what we really

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Speaker 3: excited about it exactly not really the players, but how

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Speaker 3: the experience is going to change, how the devices are

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Speaker 3: going to change, and that's going to require a lot

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Speaker 3: of computing power for AI and that's what Qualcome's going

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Speaker 3: to do. Welcome's really been positioning itself to be the

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Speaker 3: company doing ANI at the edge and that's not only

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Speaker 3: phones as phones, as PC's, as cars, is smart glasses.

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Speaker 3: And I think that's the story of the company right now.

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Speaker 1: With regards to that story, and I'm almost asking this

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Speaker 1: question on behalf of investors, and I would like you

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Speaker 1: to answer it. For investors, to a certain extent, this

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Speaker 1: stock has been left behind and with regards to the

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Speaker 1: AI focus that this market has had all year long,

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Speaker 1: does these new chips and the new products that they

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Speaker 1: will go into, well that changed the narrative to the

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Speaker 1: upside for investors on both the top and the bottom line.

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Speaker 3: Look, I have a slightly different opinion if you look

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Speaker 3: where the evaluation the company is right now. We're starting

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Speaker 3: to get credit for the fact that we created new

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Speaker 3: growth markets for Welcome beyond hnsins. You know the stock

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Speaker 3: had a lower multiple in the past because most of

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Speaker 3: our revenue, and there's to a number one business is

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Speaker 3: mobile and mobile was not growing. But what we have

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Speaker 3: done is something different. We realize there are new end

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Speaker 3: markets for technology and we build an automotive position. I

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Speaker 3: think the snapdrag and digital CHASHI now is the key

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Speaker 3: asset for the industry and automo. If we have a

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Speaker 3: forty five billion dollar contracted pipeline, one third of that

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Speaker 3: is ADAS in autonomy. We enter the PC space and

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Speaker 3: the transition of PC to Microsoft biler plus AIS and

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Speaker 3: we're going to start building industrial So I actually we

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Speaker 3: have been building new business for welcome and that has

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Speaker 3: had a positive impact on our multiple. With that, this

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Speaker 3: AI transitions about what happened from the data center to

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Speaker 3: the edge, and which is preparing yourself for that.

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Speaker 2: In the smartphone context, what's happening in China is so interesting.

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Speaker 2: Let's compare with Apple right in the iPhone sixteen. They're

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Speaker 2: being rewarded in that market on Apple intelligence features that

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Speaker 2: aren't yet out in China and won't be for some time.

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Speaker 2: So when you think about snap Dragon eight Elite and

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Speaker 2: your kind of first mover advantage, do you feel you

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Speaker 2: have a first mover advantage in China when it comes

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Speaker 2: to the AI smartphone.

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Speaker 3: So let me talk about our smartphone business in China.

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Speaker 3: We have been powering the premium devices of all the

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Speaker 3: Chinese brands, companies like Honor, One Plus, Opo, Vivo, show Me,

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Speaker 3: and what we have seen the China Internet is a

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Speaker 3: different ecosystem. All of those companies has been creating AI

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Speaker 3: use cases and what we see in China that we like.

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Speaker 3: The market has stabilized it, but we see consumers moving up.

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Speaker 3: So while the market doesn't grow as much, what is

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Speaker 3: really growing is the premium tier. Consumers want to buy

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Speaker 3: a better device and what we have seen this over here.

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Speaker 3: So we're actually happy with our position in China, and

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Speaker 3: as we go into other markets, we see our partnerships

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Speaker 3: in China increasing. One of the examples, we're now partnering

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Speaker 3: with every single Chinese EV company as well for automotive.

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Speaker 2: Because you're dedicating a day to those new chips and automotive.

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Speaker 2: One of the questions from our audience is whether that's

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Speaker 2: now becoming an isolated business where if there's a kind

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Speaker 2: of flywheel effect through the diversification efforts that you kind

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Speaker 2: of were helming.

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Speaker 3: So thank you. Pretty question. Right now, on stage, we're

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Speaker 3: announcing the most powerful process that we've ever done in

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Speaker 3: the history of our company, which is our new platform

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Speaker 3: for automotive. We're announcing two chips is Snapdragon Elite Cockpit

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Speaker 3: and Snapdragon Elite Ride, and that has been designed for

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Speaker 3: what we believe is going to happen with software defined vehicles.

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Speaker 3: Cars are going to get better over time. Is feature

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Speaker 3: proving the AI capabilities for GENI use cases when you're

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Speaker 3: behind the wheel, Just as an example, is a twelve

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Speaker 3: x increase in performance versus the prior automotive chip that

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Speaker 3: we have. It's an order magnitude increase. And I think

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Speaker 3: the way we look into this is we build a

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Speaker 3: strong automotive business by being the digital platform of choice

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Speaker 3: for all the car makers. Now we wanted to future

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Speaker 3: prove that platform for the future JENI use cases running

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Speaker 3: on cars at the edge.

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Speaker 1: I've got to ask you the tough question here, Cristiano,

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Speaker 1: and that's really about your ambitions to grow this company

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Speaker 1: and expand it through acquisition. Of course, you've seen the

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Speaker 1: media reports about your interests, your presumed interests in Intel.

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Speaker 1: Do you have any intent on pursuing that deal anytime

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Speaker 1: this year.

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Speaker 3: I'm lately I'm getting this question all the time. Look,

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Speaker 3: we don't comment on rumors, but let me tell you

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Speaker 3: what we're actually busy doing. What we're busy doing is

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Speaker 3: we have a unique opportunity for Qualcom for the PC space.

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Speaker 3: We saw the entry point driven by two transitions. One

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Speaker 3: transition is mobile PC conversions. The other one is PC

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Speaker 3: becoming an AI platform with the Microsoft launge of fot

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Speaker 3: Pilot plucks. So what we did We build the fastest

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Speaker 3: process or platform, which is actually leads and right now

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Speaker 3: it is still the fast performing processor. Both the incumbency

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Speaker 3: in the PC based on our announcement creating new products

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Speaker 3: and accelerated the new products compete with us and that

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Speaker 3: wasn't anough. So we see now an incredible opportunity for

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Speaker 3: us in the PC, and especially as PC makers have

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Speaker 3: questions about the future, they look at WelCom as a

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Speaker 3: great player.

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Speaker 2: Christiana, the interest on the whole Intel story was because

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Speaker 2: you made progress on your own on based processes, cloud

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Speaker 2: con processes. So YX eighty six, just give yourself a

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Speaker 2: score out of ten on how you did on AIPC

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Speaker 2: so far.

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Speaker 3: Look given the amount of skepticism that we got about

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Speaker 3: people telling we will not succeed in PCs and would

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Speaker 3: not be able to compete, I'll give us a very

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Speaker 3: high grade. And the platform design traction is awesome. We

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Speaker 3: launched twenty two different laptops across all bands, Dell, HP, Lenovo, Asus, Aser, Chansung,

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Speaker 3: and we continue to see design traction, especially as Microsoft

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Speaker 3: prepares a transition for Windows to an AI. And one

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Speaker 3: thing that we were tasked by Microsoft to do and

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Speaker 3: we did it, we restore the performance leadership of computing

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Speaker 3: back to the Windows ecosystem. That's a great testimony of

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Speaker 3: I think they qualcom engineering capability. In our focus and

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Speaker 3: growing this business.

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Speaker 1: There would certainly be a compliment though, to getting at

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Speaker 1: least some part of Intel's business, whether it's the programmable

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Speaker 1: chip division, which we already know that Intel has plans

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Speaker 1: to try to spin off, and other aspects of that

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Speaker 1: as well. Do you see a compliment there at all?

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Speaker 3: Look, it's important to understand the POCOM strategy, and we

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Speaker 3: have been very clear about that. Our strategy is very simple.

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Speaker 3: We define our company. We have three assets everything wireless connectivity,

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Speaker 3: and we take pride in being the number one in

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Speaker 3: cellular and Wi Fi on everything wireless, high performance, low

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Speaker 3: power compute, and artificial intelligence for the edge. And what

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Speaker 3: we did we applied those street technologies to all markets

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Speaker 3: that are growing and we could leverage our technology for phones.

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Speaker 3: So we went from phones to cars to the PCs

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Speaker 3: and now industrial and that has been part of a

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Speaker 3: strategy we did all or organically. With some of the

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Speaker 3: small acquisitions. We feel we have a very competitive roadmap

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Speaker 3: and we're thinking about the new what is the new

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Speaker 3: innovation that is coming for those markets, and that's where

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Speaker 3: we're driving. I will remain focused on.

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Speaker 2: That, Christiano. The crowdcome of today is very different to

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Speaker 2: the one that that I first met six years ago.

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Speaker 2: When I speak to investors and analysts, they do worry

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Speaker 2: about kind of billions of dollars of lost revenue, particularly

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Speaker 2: with key customer Apple and Modem. But the question I

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Speaker 2: get a lot for you is whether these kind of

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Speaker 2: newer business lines snap Dragon eight ely the automotive side

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Speaker 2: account for make up for some of that lost legacy

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Speaker 2: business going forward from twenty twenty five.

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Speaker 3: Look, I love answering this question because you know that

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Speaker 3: has been the story of Qualcom, of the best evy

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Speaker 3: investors saying, look, you have a you have the best

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Speaker 3: modems in the world, you have a very strong position

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Speaker 3: with Apple, but you know they're eventually going to do

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Speaker 3: their own mode. I'm going to lose this business. So

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Speaker 3: we took a completely different approach when I became COEO.

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Speaker 3: I had an investor day in twenty twenty one and

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Speaker 3: we said that they're going to be that revenue is

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Speaker 3: going to be removed from the model, and we are

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Speaker 3: going to be creating new growth markets for Qualcom and

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Speaker 3: we have a much bigger SAM opportunity than we have

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Speaker 3: with mobile. We're just executing on this and the results

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Speaker 3: are showing. Look, forty five billion dollars of contracted pipeline

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Speaker 3: and automotive. It's not a small number, and you have

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Speaker 3: seen in our earnings results automotive has been record quarter

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Speaker 3: over quarter. Because we're gaining share. That's the reason we

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Speaker 3: are getting to the BC. That's the reason we're getting

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Speaker 3: to the industrial because at the end of the day,

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Speaker 3: it's not only about this one customer revenue, whether we

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Speaker 3: have it or we don't have it. Exactly, can we

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Speaker 3: operate in growth markets and expand the company's SAM and

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Speaker 3: that's what we're doing.

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Speaker 1: And this is exactly what we've heard from investors, exactly

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Speaker 1: what we've heard from analysts. They want to see that diversification.

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Speaker 1: And just to be fair, Christiano, they've given you a

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Speaker 1: lot of pats on the back so far. There's still

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Speaker 1: a long way to go. And I do want to

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Speaker 1: circle as we end this conversation back to the automotive space,

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Speaker 1: because we've been focusing a lot of that today on

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Speaker 1: this show, and there are concerns here that we sort

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Speaker 1: of reached some sort of bump in the road with

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Speaker 1: the adoption of new vehicles, whether it's evs or autonomous

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Speaker 1: vehicles or really just vehicles that are much more sort

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Speaker 1: of technologically inclined. Where do you fit into that space

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Speaker 1: longer term? Is that going to be a bigger market

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Speaker 1: and more importantly, is going to be a bigger market

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Speaker 1: for Qualcomm?

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Speaker 3: Very good. So, look, Romaine, one of the unique things

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Speaker 3: of our automotive business we are kind of immune to that.

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Speaker 3: We're not Our position is not dependent on electrification or

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Speaker 3: internet combustion. Our position is not really dependent off the

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Speaker 3: shifts that you have in the share across different companies

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Speaker 3: because what we have done, we saw that cars are

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Speaker 3: going to become digital digital computers on wheels. Car companies

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Speaker 3: are going to become tech companies, and we build the

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Speaker 3: platform for the car companies. And what happened is that

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Speaker 3: had resonated well. So we're designed across all brands, all

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Speaker 3: the Koreans, all the Japanese, the Europeans, the Americans, the Chinese.

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Speaker 3: Every single car company now is using some portion of

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Speaker 3: the snaptrag and digital cockpit. And what is happening with

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Speaker 3: our results results have been independent of the automotive market

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Speaker 3: and more about gaining share, and as the new cars

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Speaker 3: come out with our platforms, we're starting to see that

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Speaker 3: going to revenue. We made the projection of four billion

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Speaker 3: by twenty six and then nine billion by the end

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Speaker 3: of the decade, and we're tracking that.

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Speaker 1: All right, Christiana, we have to leave it there. We

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Speaker 1: always appreciate your time, of course, out there in Hawaii.

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Speaker 1: The CEO of Qualcom, Cristiano Amone, and are very special

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Speaker 1: thanks to the co host of Bloomberg Technology, Ed Ludlow,