Tony O'Connor

Wireless Technologist. Opinions here are mine and do not reflect the opinions of my employer.

[Anshel Sag @anshelsag]

So #MWC2026 was crazy last week and some people might have overlooked the @Qualcomm FastConnect 8800 launch. I actually spoke with Chano Gomez from Qualcomm about the new chipset, Wi-Fi 8, 4x4 and the quad-radio capabilities! https://t.co/R3ROh59d3w

[Snapdragon @Snapdragon]

Today's a big day for chips - what kind are you bringing to watch the Big Game? We'll go first:

[Ryan Shrout @ryanshrout]

Qualcomm just reported FY26 Q1 results that set new records, and I had the opportunity to speak directly with Akash Palkhiwala, @Qualcomm CFO, to dig into what is driving the near-term outlook.

On the numbers: Qualcomm posted $12.25B in revenue and $3.50 EPS for the quarter. Total company revenue grew 5% YoY, and QCT revenue also grew 5%, with strength across multiple segments. Automotive continued to scale with $1.1B in revenue (+15% YoY), marking the second consecutive $1B+ quarter in Autos. IoT delivered $1.69B (+9% YoY). Handsets came in at $7.82B (+3% YoY) and were better than many expected this quarter.

The forward guidance is where the conversation shifted, and the driver is (no surprise) memory.

This is a supply constraint, not a demand problem. Akash emphasized that Qualcomm has visibility into the before and after of customer build-outs and POs as memory availability and pricing tightened, which is why they feel confident in that conclusion. Qualcomm also attributes essentially the full gap between its guidance and street expectations to memory-driven handset adjustments, with China as a major part of that impact.

A few second-order effects: Qualcomm expects handset OEMs to pass through some price increases, but also to adjust device mixes between low end and high end models as they manage memory cost and availability. When I asked about timing of when he sees memory constraints lifting, the answer was straightforward: the recovery window is determined by supply, so there is still uncertainty on exactly when memory conditions normalize.

From my view, Qualcomm is executing well even with the weaker next-quarter guide. The company is controlling what it can control, while a key external input (memory supply and pricing) is limiting the pace of handset builds. If and when memory constraints lift, I expect the handset sector to return to growth, and Qualcomm is positioned to lead there given the underlying strength it is describing in flagship demand and sell-through.

It is also worth reinforcing the diversification angle. Qualcomm expects automotive and IoT to remain growth contributors in the upcoming fiscal quarter. Looking into 2027, the company highlighted two previously disclosed growth vectors, data center and robotics, with more detail expected at the upcoming investor day. One nuance that stood out: the robotics platform leverages the automotive ADAS stack, which can lower cost of entry and build on a reliability foundation already proven at scale.

PCs were not a major focus this update, but Qualcomm remains positive on the year, continues to point to roughly 150 design wins, and does not expect memory shortages to be a major limiter for Snapdragon-based PCs relative to what is happening in handsets.

[Cristiano R. Amon @cristianoamon]

My thoughts on @Qualcomm’s Q1 FY26 Financial Results.

Check out our full earnings report and webcast: https://t.co/Yw0RzGtCXe

For a cautionary note regarding forward-looking statements, information regarding our use of non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measures, please see our earnings presentation available on our Investor Relations website: https://t.co/Yw0RzGtCXe

$QCOM

[Cristiano R. Amon @cristianoamon]

A special thank you to our #WEF26 @Qualcomm Nightcap speakers. A privilege hearing remarks from @CommerceGov Secretary @howardlutnick, @WHOSTP47 Director @mkratsios47, @USTradeRep Ambassador Greer and Chief Economic Advisor to Chancellor Merz, Dr. Levin Holle. Thank you for joining us!

[Tony O'Connor @QCTonyOC]

@cristianoamon @Cristiano @Qualcomm @Snapdragon THIS IS AMAZING!!!

[Daniel Newman @danielnewmanUV]

$QCOM Thesis is aging like fine wine. ✅

[Tony O'Connor @QCTonyOC]

People tune in.. @cristianoamon is in the zone as he presents his vision for the future of compute.
https://t.co/JD8LA2bVw6

[Tony O'Connor @QCTonyOC]

So excited to get Qualcomm's 10th annual Snapdragon Summit underway. Let's go!!

[Tony O'Connor @QCTonyOC]

@sama #OnDeviceAI

[Sascha Segan @saschasegan]

Hey folks, you know what doesn't have usage or rate limits, or deletes models without your permission? Running @Ollama or @LMStudio on your own @Snapdragon PC. You can even use gpt-oss-20b if you want.

https://t.co/IZdVCpIha7

[Tony O'Connor @QCTonyOC]

@mweinbach Thanks so much for joining us, Max. Was great hanging out!

[David Altavilla @DaveAltavilla]

This is a masterful stroke by @Qualcomm and a great way to enter a market with THE industry leader in #AI. Make sure you watch this space!👇$QCOM
Qualcomm to launch data center processors that link to Nvidia chips https://t.co/fcgoW1VaLh

[Don McGuire @donnymac]

What an incredible moment to create a movement. As the Reds go marching on, so will we—until the fight against health injustice is won!

[Cristiano R. Amon @cristianoamon]

Thank you @POTUS, @howardlutnick, @elonmusk and the Tech CEO council for the important discussion on U.S. innovation, global semiconductor leadership and manufacturing resilience. @Qualcomm will continue to invest in leading-edge R&D to advance U.S. competitiveness and partner with the administration to help drive economic growth.

[Sascha Segan @saschasegan]

A non #MWC thing for a moment: I spent yesterday running around Barcelona testing the Apple iPhone 16e against a @Snapdragon 7+ Gen 3 phone. Yes, I am biased! But I'm also not wrong. Receipt enclosed. First of all, the C1 is definitely short of our modem lineup when it comes to features. Here's a handy chart our engineers came up with based on the analysis they did over the weekend.

[Tony O'Connor @QCTonyOC]

This is hilarious! Bravo!

[Marques Brownlee @MKBHD]

World’s most honest salesman vs buyer trying to get recommended the iPhone 16e

[Snapdragon @Snapdragon]

👋@getpeid

[Cristiano R. Amon @cristianoamon]

This week marks a big milestone in AI. Models are developing faster, becoming smaller, more capable and efficient, and now able to run directly on-device. We’ve been preparing for this moment with the most powerful and efficient AI processors for the edge. This will bring the next cycle of AI innovation to Snapdragon-powered phones, PCs, cars, and more.

[Tony O'Connor @QCTonyOC]

@BenBajarin Imagine what can be done with all the compute power at the #Edge