WEBVTT - Qualcomm President/CEO Cristiano Amon Talks New Markets and Future Revenue

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>You will know Qualcom as the world's biggest seller of

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<v Speaker 2>smartphone processors, but the company is pushing into new markets

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<v Speaker 2>and generating potentially up to twenty two billion dollars in

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<v Speaker 2>additional annual revenue by fiscal twenty twenty nine. Look, eight

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<v Speaker 2>billion dollars a year is going to be coming from

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<v Speaker 2>an expansion into automotive chips. Fourteen billion dollars they say

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<v Speaker 2>will come from the Internet of Things. Qualcomm CEO Christiana

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<v Speaker 2>Amon was detailing that very vision yesterday and what your

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<v Speaker 2>total addressable market now up to nine hundred million dollars.

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<v Speaker 2>It is great to have you here after that investor meeting.

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<v Speaker 2>You're looking out to twenty thirty. What gives you that confidence.

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<v Speaker 1>Look, we have been, first of all, great to be

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<v Speaker 1>here talking to you, but we have been on this

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<v Speaker 1>trajectory since twenty twenty one, when we had our last

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<v Speaker 1>investor day and we outline the plans to grow the

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<v Speaker 1>company to other markets. We realize that the technology we

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<v Speaker 1>produced for mobile could be very disrupt and we could

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<v Speaker 1>build actually a leading position. What we did in automotive,

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<v Speaker 1>what we did in PCs, and we thought we'll be

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<v Speaker 1>the right thing to tell investors as we look in

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<v Speaker 1>the next five years, how we're going to diversify the company.

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<v Speaker 1>When you look at the company right now, most of

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<v Speaker 1>our revenues mobile Mobile is a great market, but it

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<v Speaker 1>doesn't grow as much until we have an ai A

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<v Speaker 1>grade cycle. However, those other markets that we're going it

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<v Speaker 1>will drive higher multiple.

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<v Speaker 3>So as those revenues.

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<v Speaker 1>From non mobile become a bigger percentage of Qualcom, we

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<v Speaker 1>have an opportunity to actually see a multiple expansion. So

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<v Speaker 1>we wanted outline to investors or trajectory, and what's exciting

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<v Speaker 1>is really where we are right now. We're very happy

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<v Speaker 1>with the results of the company in the near term.

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<v Speaker 1>We show on the last earnings called we're growing in

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<v Speaker 1>own markets including handsets, and we put out in five

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<v Speaker 1>years we're going to have twenty two billion dollars of

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<v Speaker 1>non handset revenue. But bearing any sickly calient on the market,

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<v Speaker 1>we'll expect to continue to grow annually in that into

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<v Speaker 1>those targets.

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<v Speaker 2>Sharing any sickn catesy, can you just talk through, like

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<v Speaker 2>what are the downside risks to automotive demands? Two people

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<v Speaker 2>actually upgrading to new and refreshed android phones, which are

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<v Speaker 2>going to remain probably.

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<v Speaker 1>Yeah, what I mentioned about cyclicality, I think this in

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<v Speaker 1>my conductor industry we have seen on the first the

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<v Speaker 1>past few years, we had a bunch of different cycles,

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<v Speaker 1>different markets, inventory corrections, we have capacity constraints. We're not

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<v Speaker 1>assuming that going forward, but some of that you know

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<v Speaker 1>could happen. But when you look off the normalization of

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<v Speaker 1>the market we see right now, if that continues, we

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<v Speaker 1>feel very good about the ability to grow annually. To

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<v Speaker 1>your question, is cars is one that we're incredibly excited

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<v Speaker 1>because people are now buying new cars because of the

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<v Speaker 1>computational capabilities and those big screens in the digital capabilities

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<v Speaker 1>of the car, and I think that's what actually creating

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<v Speaker 1>demand for technology going in.

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<v Speaker 2>Before we get to cars, the Internet of things is

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<v Speaker 2>really going to be something that we've been talking about

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<v Speaker 2>always for a decade. The mobile will congress and remember

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<v Speaker 2>everyone's like Zuberan about Internet of things and then reality

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<v Speaker 2>never quite gets there. And that's where previous times you've

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<v Speaker 2>made targets and perhaps have had to fall short because

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<v Speaker 2>the ecosystem doesn't build. What makes you sure it will

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<v Speaker 2>get to that fourteen billion this time?

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<v Speaker 1>Like, we're very confident, but I I would like to

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<v Speaker 1>break that down for you. Yeah, so first PCs because

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<v Speaker 1>actually what I need to tell you is we talk

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<v Speaker 1>about Internet of Things, but the Qualcom Internet of Things

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<v Speaker 1>revenue stream, there's a bunch of things in there. We

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<v Speaker 1>have PCs, we have virtual reality, mixed reality devices, we

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<v Speaker 1>have industrial we have networking and personal devices like wearables

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<v Speaker 1>and watches. That's our Internet of things bucket. So we

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<v Speaker 1>gave a target of four billion dollars in PCs. If

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<v Speaker 1>you think what we're doing right now, Snapdragon X series

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<v Speaker 1>is the fastest processor, is faster than Intel, faster than MD.

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<v Speaker 1>We come in and within the industry as a new

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<v Speaker 1>player with a lead platform, the only platform they could

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<v Speaker 1>run Microsoft Copilot plus. If you look at this of

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<v Speaker 1>the service market, the TAM or the SEM that will

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<v Speaker 1>provided investigate of PCs in twenty twenty nine, it's thirty

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<v Speaker 1>five billion.

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<v Speaker 3>We say we're going to do four.

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<v Speaker 1>It's very achievable target, especially when you think about we

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<v Speaker 1>have the best platform the market today.

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<v Speaker 2>But everyone does indeed love that Silicon our om Bloomberg

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<v Speaker 2>Intelligence saying you're in s Silicon and the AIPC is great,

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<v Speaker 2>but there's been so much cynicism around the adoption of

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<v Speaker 2>on based PCs. What is stopping that.

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<v Speaker 1>We actually see We see a little bit different. We

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<v Speaker 1>launched this platform in May. We have twenty designs right now.

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<v Speaker 1>From May to today, we increase the design traction by

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<v Speaker 1>two point five times. We have fifty eight now platforms

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<v Speaker 1>across the l HP, Lenovo sands on the Aszus.

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<v Speaker 2>And people buying them.

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<v Speaker 1>And these sales are exceeding our expectations.

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<v Speaker 3>So that's why we feel confident. And if you think

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<v Speaker 3>about the target, we're.

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<v Speaker 1>Putting a four billion in the thirty five billion SAM

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<v Speaker 1>is not that high. The other one is industrial. And

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<v Speaker 1>you asked me about IoT. One thing Caroline did change

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<v Speaker 1>the IoT in industrial is AI a d edge. The

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<v Speaker 1>ability to run AI a d edge.

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<v Speaker 3>We can run.

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<v Speaker 1>Multi billion parameter model into a device at the edge.

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<v Speaker 1>That changes the cost equation for a lot of companies

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<v Speaker 1>that actually think that it's going to be cheaper than

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<v Speaker 1>doing in the cloud, or they have specific needs. That

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<v Speaker 1>inflection point is what gives us confidence we're going to

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<v Speaker 1>get four billion in industrial by twenty twenty nine. And

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<v Speaker 1>the other two billion we provided was for augmented reality

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<v Speaker 1>and the ray band meta smart glass. Everybody talks about

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<v Speaker 1>it is probably the favorite Christmas gift this season.

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<v Speaker 2>Let's talk therefore about an inflection point when you go

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<v Speaker 2>back to what had been your bread and butter, which

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<v Speaker 2>is smartphones and cells. Are people upgrading? Are they going

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<v Speaker 2>to upgrade particularly on the Android devices that you sit with,

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<v Speaker 2>because Apple is cour is going to be pulling back

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<v Speaker 2>for the next few years.

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<v Speaker 1>Look, Android is is the largest global market for hnces,

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<v Speaker 1>and we have been very focused on premion teer Android.

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<v Speaker 1>What we see in the market that grows very You know,

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<v Speaker 1>phones grow with GDP, right, it's flat to single digit

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<v Speaker 1>growth because everybody has a phone. However, what we have

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<v Speaker 1>seen is at the premiu teer they're growing significantly. We

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<v Speaker 1>see a mix change when people buy their next phone,

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<v Speaker 1>they want a better phone, and that that actually allow

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<v Speaker 1>us to be growing in many cases like double digit on.

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<v Speaker 1>A market doesn't grow by expanding content. So what we

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<v Speaker 1>expect is that is the trend as we people buy

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<v Speaker 1>a premium smartphone with more AI and eventually as the

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<v Speaker 1>AI use cases start to be as big as apps,

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<v Speaker 1>we're going to see an AI driven upgrade.

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<v Speaker 2>We are sitting with the quol Com CEO Cristiano a'man

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<v Speaker 2>for worldwide radio and TV audiences. The upgrade cycle growth

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<v Speaker 2>with GDP, you're saying China's gdp're not looking so great.

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<v Speaker 2>You have exposure to that economy. What does it feel

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<v Speaker 2>like by now?

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<v Speaker 1>Look, our China business is a business. We're very happy

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<v Speaker 1>with it. As geopolitics evolve, Actually our business with China expended,

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<v Speaker 1>especially because as we become relevant in automotive and industrial

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<v Speaker 1>beyond phones, we have Chinese customers. I think, at the

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<v Speaker 1>end of the day, regardless of GDP growth.

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<v Speaker 3>China is a big market.

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<v Speaker 1>If you are, as a my conductor company that you

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<v Speaker 1>have a leading technology that cannot be replicated by a

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<v Speaker 1>domestic product.

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<v Speaker 3>You're going to have a big business in China. And

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<v Speaker 3>that's what we have.

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<v Speaker 2>They're fighting to make things domestically because of the new administration,

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<v Speaker 2>and indeed the current administration still pushing back on China

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<v Speaker 2>that you don't have any pause, any concern about taris rampup.

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<v Speaker 1>For example, Look, you should think about our business. We

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<v Speaker 1>are exporting semiconductors. We're in the right direction of trade

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<v Speaker 1>for the United States, especially when you think about trade balance.

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<v Speaker 3>And if we have a leading technology.

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<v Speaker 1>We expect that China will be interesting continue to buy

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<v Speaker 1>our chips, so we're not concerned about that.

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<v Speaker 2>You don't have any procurement issues. You don't import anything.

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<v Speaker 2>You're not having to stop pile now.

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<v Speaker 1>We I think we have been We're a fabulous company,

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<v Speaker 1>and we have been a big exporter of chips into China.

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<v Speaker 2>You've got an amazing bird's eye perspective of the technological

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<v Speaker 2>race that we like to talk of between US and China.

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<v Speaker 2>For example, you've got an array of large language models

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<v Speaker 2>within your snap Dragon mobile system and platform. Some of

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<v Speaker 2>those Chinese large language models, how do they perform compared

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<v Speaker 2>to the US ones?

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<v Speaker 1>Look, we can talk about this all day, but I'm

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<v Speaker 1>going to try to summarize a few things.

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<v Speaker 3>There's a there's a very large.

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<v Speaker 1>Number of models becoming available, and they're very specialized. I

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<v Speaker 1>think we're heading towards AI as being a new computing

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<v Speaker 1>and you have models that specialize in voice, major specialized

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<v Speaker 1>in imaging, like large visual models, et cetera. What we're

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<v Speaker 1>starting to see is a lot of those models are

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<v Speaker 1>becoming regionalized, especially when you think about text and converse

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<v Speaker 1>or conversation. As the computer starts to speak the language

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<v Speaker 1>of humans. Every region has a unique aspect that is

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<v Speaker 1>driving a lot of regional models. We expect the future

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<v Speaker 1>is going to be like that. China's going to have

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<v Speaker 1>their models. You know, Europe is going to have their models.

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<v Speaker 1>We're going to have our models, and they're going to

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<v Speaker 1>be model specialized for different things. And we're just the

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<v Speaker 1>beginning of this exciting new transition.

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<v Speaker 3>You could talk.

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<v Speaker 2>About it all day. The thing that the markets that

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<v Speaker 2>media have wanted you to talk about all day is

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<v Speaker 2>whether you'll be making any acquisitions and whether you will

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<v Speaker 2>potentially making any acquisitions of Intel parts the businesses. Your

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<v Speaker 2>CFO outline that look, you're actually gonna be giving money

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<v Speaker 2>back to investors is M and A therefore not on

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<v Speaker 2>the agenda.

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<v Speaker 1>Look, we have always been looking for opportunities. A lot

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<v Speaker 1>of the Equalker M and A framework with the outline

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<v Speaker 1>has been apportunistic or been very target to accelerate our plans.

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<v Speaker 1>We has showed that with the M and A that

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<v Speaker 1>we've done for auto, the M and A that we've done.

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<v Speaker 3>To enter the PC space.

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<v Speaker 1>So you're probably going to continue to see qualk and

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<v Speaker 1>doing that right now. At this point, we have not

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<v Speaker 1>identified any large acquisition that is necessary for us to

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<v Speaker 1>execute on this twenty two billion, and we're super focused

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<v Speaker 1>on executing on the twenty two billion in the next

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<v Speaker 1>five years.

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<v Speaker 2>So give us the confidence. Give the investor base that's

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<v Speaker 2>currently seeing perhaps your share price off by six per

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<v Speaker 2>cent a moment, give them the confidence that this transition

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<v Speaker 2>away from Apple and focusing on an Android but focusing

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<v Speaker 2>in on the Internet of things opportunity that you articulated

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<v Speaker 2>the autos, you're going to get that smoothly and with

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<v Speaker 2>clarity on time frame.

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<v Speaker 1>Yeah, look the way I see it, and I think

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<v Speaker 1>that's probably you know, I can't really you know, talk

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<v Speaker 1>about what's happening with the stock, but I think there

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<v Speaker 1>may be some confusion.

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<v Speaker 3>Our plan in the.

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<v Speaker 1>Investor day is to tell investor there are strategies working.

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<v Speaker 3>We don't need a new strategy. It is working.

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<v Speaker 1>We had executed on what we said we're going to

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<v Speaker 1>do in those new markets like Alto, for example, we

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<v Speaker 1>have been have five consecutive quarters of record growth, and

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<v Speaker 1>we would grow even when the market doesn't grow because

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<v Speaker 1>we're gaining share. We had deliver on our entrance on

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<v Speaker 1>the PC and well positioned to ramp, and we told

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<v Speaker 1>investors how this is going to play out with the

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<v Speaker 1>other markets. We had said since the beginning that our

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<v Speaker 1>planning assumptions assume that Apple is coming off the model.

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<v Speaker 1>We had said our contract implies that we have twenty

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<v Speaker 1>percent share.

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<v Speaker 3>In twenty six. Will that be the case, I don't know.

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<v Speaker 1>I think we have had two renewals of Apple, but

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<v Speaker 1>we have to make a planning assumption that Apple's coming

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<v Speaker 1>off the model. Even with that, we are well positioned

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<v Speaker 1>to continue growing to the period and get to a

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<v Speaker 1>point the in twenty twenty nine that we have twenty

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<v Speaker 1>two billion of revenue non mobile, and when we get

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<v Speaker 1>to the end of the decade, we have a potential

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<v Speaker 1>about but fifty to fifty mobile is about fifty percent

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<v Speaker 1>fifty percent of the revenue.

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<v Speaker 3>From growth market.

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<v Speaker 1>So I don't know what the anxiety is, but I

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<v Speaker 1>think we feel confident about the plan and we'll continue

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<v Speaker 1>to execute.

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<v Speaker 3>On that plank.

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<v Speaker 2>Let's get Hannah. Analyst Christopher Roland saying, we continue to

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<v Speaker 2>have confidence in CEO Amount's ability to move Quillcom beyond

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<v Speaker 2>Modem and Cellula ip company. We appreciate you, thank you

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<v Speaker 2>for being herequil Come CEO Cristiano Almo,